REGULATIONS
ISLAMIC CAPITAL MARKETS
The capital market industry in Brunei Darussalam is primarily governed by the Securities Markets Order, 2013 (“SMO”) and the Securities Markets Regulations, 2015 (“SMR”) which are both administered by Brunei Darussalam Central Bank (“BDCB”).
The SMO and the SMR provide a legal and regulatory framework for the licensing and supervision of market operators such as securities exchanges, clearing house, trading facilities, credit rating agencies; capital market intermediaries such as dealers, fund managers, and investment advisers; securities and collective investment schemes. The SMO and the SMR also allow any regulated person to carry on Islamic investment business either as an Islamic investment institution or by operating an Islamic window.
In addition, securities are also regulated by the SMO and the SMR, and any Syariah or Islamic component of any securities would be additionally governed by the Syariah Financial Supervisory Board Order, 2006 (“SFSBO”).
To download:
Securities Market Order 2013:
http://www.agc.gov.bn/AGC%20Images/LAWS/Gazette_PDF/2013/EN/S059.pdf
Securities Market Regulations 2015
http://www.agc.gov.bn/AGC%20Images/LAWS/Gazette_PDF/2015/EN/S002.pdf
Securities Markets (Compoundable Offences) Regulations 2015
http://www.agc.gov.bn/AGC%20Images/LAWS/Gazette_PDF/2015/EN/S003.pdf
Securities Markets (Fees) Regulations 2015
http://www.agc.gov.bn/AGC%20Images/LAWS/Gazette_PDF/2015/EN/S004.pdf
