International Banking Order, 2000 · As enacted · Part VI
34. 1)
Official textFrom Attorney General's Chambers, unchanged
Subject to the issue by the Authority of a letter of confirmation on such terms as the Authority may consider desirable and subject to compliance with any other Order or requirement relating to the licensing of entities or activities conducted in or from within Brunei Darussalam the persons and activities specified in the Third Schedule are not required to be licensed under this Order.
the Authority
"the Authority" means such person or body as is appointed by His Majesty the Sultan and Yang Di-Pertuan to be the Authority for the purposes of this Order;
The Auhority may in such manner and on such terms as it considers fit exempt any person, business or profession or class of persons or class of business or profession from any of the provisions of this Order.
Any exemption given under subsection (2) may contain different provisons for different classes of person, business or profession, or international banking business, or with respect to any provisions of this Order.
banking business
"banking business", in relation to an institution, includes the taking of deposits from the public in the form of current or savings accounts and the granting of credits, and without limitation includes the issue of credit cards, money collections and transmissions, foreign exchange transactions, the issue of guarantees, trade finance, development finance and sectoral credits, consumer credit, investment banking and Islamic banking business, broking and risk management services whether such business is in any case conducted by conventional practices or using Internet or other electronic technology and includes electronic banking; 1043 29th. JUNE, 2000
Saving of private rights.
Terms defined in s 2
banking business
Defined · s 2"banking business", in relation to an institution, includes the taking of deposits from the public in the form of current or savings accounts and the granting of credits, and without limitation includes the issue of credit cards, money collections and transmissions, foreign exchange transactions, the issue of guarantees, trade finance, development finance and sectoral credits, consumer credit, investment banking and Islamic banking business, broking and risk management services whether such business is in any case conducted by conventional practices or using Internet or other electronic technology and includes electronic banking; 1043 29th. JUNE, 2000
the Authority
Defined · s 2"the Authority" means such person or body as is appointed by His Majesty the Sultan and Yang Di-Pertuan to be the Authority for the purposes of this Order;