Section 22
of Securities Markets Order, 2013
Section 22
(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.