Brunei Darussalam Central Bank Order, 2010 (Formerly Known as Autoriti Monetari Brunei Darussalam Order) · As enacted · Part III
Section 33
Official textFrom Attorney General's Chambers, unchanged
The Authority may-
{a)
issue such directions to a financial institution or class of financial institution; and 5018
financial institution
"financial institution" means (a) any insurer registered under the Insurance Order, 2006 (S 48/06) or the Takaful Order, 2008 (S 100/08) or any person licensed under the International Insurance and Takaful Order, 2002 (S 43/02); {b} any finance company licensed under the Finance Companies Act; (c) any person licensed under the Registered Agents and Trustees Licensing Order, 2000 (S 54/00), the Mutual Funds Order, 2001 (S 18/01), the Securities Order, 2001 (S 31/01) or the International Insurance and Takaful Order, 2002 (S 43/02); {d} any person licensed to carry on any money-changing business or remittance business under the Money-Changing and Remittance Businesses Act; (e) such other person licensed, approved or regulated by the Authority under any written law;
(b}
make such regulations concerning any financial institution or class of financial institutions or relating to the activities of any financial institution or class of financial institution, as the Authority considers necessary in order to discharge or facilitate the discharge of any obligation binding on Brunei Darussalam by virtue of a decision of the Security Council of the United Nations.
A financial institution to which a direction is issued under subsection
{a) or which is bound by any regulations made under subsection (l){b) shall comply with such direction or regulations, notwithstanding any other duty imposed on that financial institution by any rule of law, written law or contract.
A financial institution shall not in carrying out any act in compliance with any direction or regulations made under subsection ( 1) be treated as being in breach of any such rule of law, written law or contract.
A financial institution shall not disclose any direction issued under subsection ( 1){a) if the Authority notifies the financial institution that the
Authority is of the opinion that the disclosure of the direction is against the public interest.
A financial institution which -
{a)
fails or refuses to comply with a direction issued to it;
{b) contravenes any regulations made under subsection (l){b); or
{c)
discloses a direction issued to it in contravention of subsection (4), is guilty of an offence and liable on conviction to a fine not exceeding
$1,000,000.
In this section, "financial institution" includes -
{a)
any bank; and
bank
"bank" means- {a} in relation to Brunei Darussalam, a bank licensed under sections 4 or 23 of the Banking Order, 2006 (S 45/06), an international bank licensed under section 7 of the International Banking Order, 2000 {S 53/00) and an Islamic bank licensed under sections 4 or 23 of the Islamic Banking Order, 2008 (S 96/08); {b) in relation to any country, territory or place outside Brunei Darussalam, a person lawfully carrying on therein business corresponding in whole, in part or in substance to "banking business" as defined in section 2(1) of the Banking Order, 2006 (S 45/06) or in section 2(1) of the International Banking Order, 2000 {S 53/00); and includes Islamic banking business as defined in section 2(1) of the Islamic Banking Order, 2008 (S 96/08);
{b) any person who is exempted from being licensed, approved, registered or regulated under any of the laws referred to in the definitions of
"financial institution" and "bank", but does not include such person or class of persons as the Authority may, by regulations made under this section, prescribe.
Terms defined in s 2
bank
Defined · s 2"bank" means- {a} in relation to Brunei Darussalam, a bank licensed under sections 4 or 23 of the Banking Order, 2006 (S 45/06), an international bank licensed under section 7 of the International Banking Order, 2000 {S 53/00) and an Islamic bank licensed under sections 4 or 23 of the Islamic Banking Order, 2008 (S 96/08); {b) in relation to any country, territory or place outside Brunei Darussalam, a person lawfully carrying on therein business corresponding in whole, in part or in substance to "banking business" as defined in section 2(1) of the Banking Order, 2006 (S 45/06) or in section 2(1) of the International Banking Order, 2000 {S 53/00); and includes Islamic banking business as defined in section 2(1) of the Islamic Banking Order, 2008 (S 96/08);
financial institution
Defined · s 2"financial institution" means (a) any insurer registered under the Insurance Order, 2006 (S 48/06) or the Takaful Order, 2008 (S 100/08) or any person licensed under the International Insurance and Takaful Order, 2002 (S 43/02); {b} any finance company licensed under the Finance Companies Act; (c) any person licensed under the Registered Agents and Trustees Licensing Order, 2000 (S 54/00), the Mutual Funds Order, 2001 (S 18/01), the Securities Order, 2001 (S 31/01) or the International Insurance and Takaful Order, 2002 (S 43/02); {d} any person licensed to carry on any money-changing business or remittance business under the Money-Changing and Remittance Businesses Act; (e) such other person licensed, approved or regulated by the Authority under any written law;
Part IV
Part VI
Relations with Banks and Financial Institutions
Part VII
Part VIII