The following terms are defined in the legislation:
“Single family” means a family whose members are individuals who are lineal descendants of a single ancestor and includes the spouse, the biological child, the stepchild and the child adopted in accordance with any written law.
“Pulau 1 of Forest City Special Financial Zone” means Pulau 1, Forest City situated in the Mukim of Tanjung Kupang, District of Johor Bahru, Johor as shown in the Gazette Plan PW50276 deposited in the Office of the Director of Survey and Mapping, Johor.
“Single family fund company” is a company which:
a) Incorporated under the Companies Act 2016 and resident in Malaysia.
b) Is wholly owned, directly or indirectly, by a member of a single family.
c) Operates in Pulau 1 of FCSFZ.
d) Is established solely for the purpose of holding the asset and investment activity for the interest of members of a single family.
A qualifying person operating in Pulau 1 of FCSFZ refers to:
a) A person who is licensed under the Financial Services Act 2013 and the Islamic Financial Services Act 2013.
b) A company which is a holder of a Capital Market Services Licence under the Capital Markets and Services Act 2007.
c) A recognized market operator who is registered under the Capital Markets and Services Act 2007 (excluding individual).
d) A registered person registered under the Capital Markets and Services Act 2007 (excluding individual).
e) A person providing capital market services registered under the Capital Markets and Services Act 2007 (excluding individual).
f) A single family fund company which is verified by the Securities Commission Malaysia (SC).
g) A financial technology company, insurance technology company, regulatory financial technology company or Islamic financial technology company which has been awarded MSC Malaysia Status or Malaysia Digital Status and is verified by Malaysia Digital Economy Corporation Sdn. Bhd. (MDEC).
h) A payment system operator established or incorporated in a foreign jurisdiction approved under the Financial Services Act 2013 or the Islamic Financial Services Act 2013 to operate a payment system in Pulau 1 of FCSFZ.
i) A centralized services entity providing financial global business services which has been awarded MSC Malaysia Status or Malaysia Digital Status and is verified by MDEC.