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Labuan IBFC - Fit and Proper Person Requirements
  • Overview
  • Objectives & Outline
  • Methodology
  • Participant Profile
  • Trainer
  • Overview
    PROGRAMME DETAILS

    DATE

    12 November 2019

    TIME

    9:00 AM – 1:00 PM

    VENUE

    LFSA, Financial Park Complex, Labuan

    4

    LFSA

    CPD HOURS

    Labuan FSA expects Labuan licensed entities to appoint persons that are competent, honest, possess integrity and have sound financial standing. This provides Labuan FSA with the assurance that such persons are able to fulfil their statutory obligations under the relevant legislations and to act effectively, honestly, fairly and in the best interest of their organisation’s stakeholders. The suitability of relevant persons of a Labuan licensed entity is an extension of a sound corporate governance framework and is aimed at ensuring that Labuan licensed entities are managed by persons of integrity, credibility and competency.

    This programme will provide a good understanding of the four important criteria needed to assess the fit and properness of a person pursuant to the Labuan Financial Services and Securities Act 2010 (LFSSA) and the Guidelines on Fit and Proper Person Requirements. Participants will also be able to gain an understanding of the fit and proper person criteria when carrying their duties and responsibilities.

    LEARNING LEVEL
    Intermediate
    PROGRAMME FEE

    MYR

    300*

    / PAX

    *Subject to 6% Service Tax

  • Objectives & Outline
    LEARNING OBJECTIVES
    By the end of the programme, participants will be able to:

    • Understand the scope of persons that are subject to the fit and proper person requirements
    • Understand the minimum requirements of fit and proper for different persons
    • Understand the basic concepts of integrity, competency, soundness of judgment and financial standing based on the LFSSA, Guidelines on Fit and Proper Person Requirements and international standards.
    • Understand the importance of assessing the fit and proper of a person. The participants must also be aware of the action that will be taken by Labuan FSA to those who did not comply with the fit and proper person requirements. 
    PROGRAMME OUTLINE

    • Who is subject to be in compliance with the fit and proper person requirements

    • What is the minimum fit and proper requirements for persons in control - directors and other officers

    • Four criteria of fit and proper:

       Integrity

    • Definition of integrity
    • Matters that impact the integrity of a person
    • Who should be subject to integrity requirements
    • How to determine the integrity of a person

       Competency
    • Definition of competency
    • Matters that impact the competency of a person
    • Who should be subject to competency requirements
    • Knowledge vs. Experience
    • How to assess whether the person is competent or otherwise

       Soundness of Judgment
    • Definition of soundness of judgment
    • What to expect
    • How to determine whether the person has satisfied this criterion

    Financial Standing
    • Definition of financial standing
    • How to determine a good financial standing
    • Who should be subject to financial standing
    • Corporate vs. Individual

  • Methodology

    Combination of lectures, case laws and case studies to ensure that participants derive the maximum learning benefits.

  • Participant Profile

    Trust Officers or designated Trust Officers of Labuan Trust Companies and staff of Labuan IBFC industry

  • Trainer

    DOREEN FADLI

    Doreen Fadli is the head of Business Operations, the unit in charge of licensing and administration of the Labuan Financial Services and Securities Act 2010. She has been with Labuan FSA since 2010.

    Doreen is a Member of The Malaysian Insurance Institute and Member of the Asian Institute of Chartered Bankers (AICB). She holds a Bachelor of Accountancy (Honours) from the Mara University of Technology, Diploma of MII (DMII) from The Malaysian Insurance Institute and Certificate in AML/CFT from AICB and International Compliance Association.


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