Securities Markets Order, 2013 · s 22

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22.
General prohibition
(1)
No person may carry or hold himself out as carrying on or purporting to carry on a regulated activity in Brunei Darussalam unless he is -
fa}
licensed;
(b)
recognised;
1254

{cj designated; or
{d} exempted, by the Authority.
(2)
The prohibition is referred to in this Order as the general prohibition.
(3)
The contravention does not -
{a}
make any transaction void or unenforceable; or
{b)
subject to subsection (4), give rise to any right of action for breach of statutory duty.
(4)
In prescribed cases, the contravention is actionable at the suit of a person who suffers loss as a result of the contravention, subject to the defence under subsection (6).
(5)
Any person who contravenes the general prohibition is guilty of an offence and liable on conviction to a fine not exceeding $10,000,000, imprisonment for a term not exceeding 10 years or both.
(6)
In proceedings for contravention of the general prohibition, it is a defence for the accused to show that he has taken all reasonable precautions and has exercised all due diligence to avoid committing the offence.
Islamic investment business.

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s 22General prohibition

(1)

No person may carry or hold himself out as carrying on or purporting to carry on a regulated activity in Brunei Darussalam unless he is -

fa}

licensed;

(b)

recognised;

1254

{cj designated; or

{d} exempted, by the Authority.

(2)

The prohibition is referred to in this Order as the general prohibition.

(3)

The contravention does not -

{a}

make any transaction void or unenforceable; or

{b)

subject to subsection (4), give rise to any right of action for breach of statutory duty.

(4)

In prescribed cases, the contravention is actionable at the suit of a person who suffers loss as a result of the contravention, subject to the defence under subsection (6).

(5)

Any person who contravenes the general prohibition is guilty of an offence and liable on conviction to a fine not exceeding $10,000,000, imprisonment for a term not exceeding 10 years or both.

(6)

In proceedings for contravention of the general prohibition, it is a defence for the accused to show that he has taken all reasonable precautions and has exercised all due diligence to avoid committing the offence.

Islamic investment business.