Foreign investment in other financial services requiring a capital market service license (e.g. funds and funds management activities) is subject to local incorporation.
"2.  DEFINITION OF THE TERMS  
2.1. For the purpose of this Guideline, the following terms shall have the following meanings, except where the context otherwise requires: [...]
 "CMSL" means capital market services licence; 
[...]
APPLICATION PROCESS FOR LICENSING OF COLLECTIVE INVESTMENT SCHEMES (CIS)
 3.1 Any applications for the licensing of a CIS should be submitted by an operator and custodian, or proposed operator and custodian, who are independent of each other. The operator and the custodian must each:  (a) be a body corporate incorporated in Brunei Darussalam; and  (b) have a place of business in Brunei Darussalam. 
[...]
5. APPLICATION PROCESS FOR ISLAMIC COLLECTIVE INVESTMENT SCHEMES 
5.1 In addition to paragraph 3 and paragraph 4 where applicable, any applications for a licence or recognition of a Syariah-compliant CIS in Brunei Darussalam must also obtain the prior approval of the Syariah Financial Supervisory Board Order, 2006 ("SFSBO").[...]" (GUIDELINE NO. CMU/G-2/2017/2 GUIDELINE ON LICENSING AND RECOGNITION APPLICATIONS  FOR COLLECTIVE INVESTMENT SCHEMES )
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"2. APPLICABILITY
 2.1 This Guideline is aimed at any person who intends to apply for a CMSL or CMSRL to be endorsed to carry on business in one or more regulated activities.
[...]
3. DEFINITION OF THE TERMS 
3.1 The terms used in this Guideline shall except following meanings, except where the context otherwise requires:  Term Definition CMSL means capital markets services licence;    CMSRL means capital markets services representative's licence;
[...]
4. CMSL AND CMSRL 
4.1 A company that carries on a business in any regulated activities in Brunei Darussalam is required to hold a CMSL under the SMO. Individuals who are employed by or acting for the company to carry on the regulated activity are required to hold a CMSRL under the SMO.  4.2 A CMSL holder or a CMSRL holder can only carry on any of the regulated activities as permitted by the Authority.  4.3 A CMSRL holder can only carry on the regulated activity/activities that a CMSL holder is licensed to carry on. 
[...]
5. REGULATED ACTIVITIES 
5.1 The regulated activities are specified in the Schedule – Securities and Investment Business, the SMO which are as follows:  (a) Dealing in investments; (b) Arranging deals in investments;  (c) Safekeeping and administration of assets;  (d) Managing securities;  (e) Investment advice;  (f) Establishing collective investment schemes; and  (g) Using computer-based systems for giving investment instructions.  5.2 The definitions of the regulated activities are provided in Part II Activities Constituting Investment Business, Schedule – Securities and Investment Business of the SMO. 
[...]
6. CRITERIA FOR GRANT OF A CMSL 
General Criteria 
6.1 A CMSL may only be granted to a company in Brunei Darussalam. [...]" (GUIDELINE NO. CMU/G-1/2017/1    GUIDELINE ON APPLICATION FOR CAPITAL MARKETS SERVICES LICENCE AND CAPITAL MARKETS SERVICES REPRESENTATIVE'S LICENCE )
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"PART IX - COLLECTIVE INVESTMENT SCHEME
Collective investment scheme.
203. (1) In this Part, "collective investment scheme" means any investment arrangements with respect to assets of any description, including money, the purpose or effect of which is to enable persons taking part in the arrangements (whether by becoming owners of the property or any part of it or otherwise) to participate in or receive profits or income arising from the acquisition/ holding, management or disposal of the property or sums paid out of such profits or income. 
[...]
Operating without licence.
204. Any person who establishes, manages or operates any form of collective investment scheme without a licence is in contravention of section 22 relating to the general prohibition under Part II. 
Types of collective investment schemes.
205. (1) In this Part, a collective investment scheme shall be formed as- (a) a unit trust scheme; (b) an investment company with fixed or variable capital; or (c) a partnership. 
(2) Without prejudice to subsection \1}, the Authority may, specify arrangements other than those set out in subsection \ll by which collective investment scheme may be formed.
(3) A collective investment scheme may be formed as - (a) an open-ended scheme which is obliged to redeem participants holdings upon their request at a price related to the net asset value of the property of the scheme at no less a frequency than twice a month at regular intervals; (b) a closed-ended scheme which is not obliged to redeem participants holdings at their request; or (c) an interval undertaking which is obliged to redeem participants
holdings at a price related to the net asset value of the property of the scheme on a regular periodic basis which is no less than twice a year.
(4) Where a collective investment scheme is formed as a partnership, the operator of the collective investment scheme must be the general partner and hold or be eligible to hold a capital markets services licence under this Order. 
[...]
Grant of collective investment scheme licence.
210. (1) Where on an application for a collective investment scheme licence, the Authority -- {a} is satisfied that the collective investment scheme complies with the requirements set out in this section; [...] 
the Authority may make an order declaring the collective investment scheme to be a licensed collective investment scheme [...]
(3) The operator and the custodian must be different persons who are independent of each other.
(4) The operator and the custodian must each - (a) be a body corporate incorporated in Brunei Darussalam; and (b) have a place of business in Brunei Darussalam, and the affairs of each must be administered in the country or territory in which it is incorporated. [...]" (Securities Markets Order, 2013)
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"ANNEX III - Section B
Sector: Financial Services
Sub-Sector: Capital market; Clearing and settlement services
Obligations Concerned: National Treatment (Article 11.3); Most-Favoured-Nation Treatment (Article 11.4); Market Access for Financial Services (Article 11.5); Senior Management and Boards of Directors (Article 11.9)
Level of Government: Central
Description: Brunei Darussalam reserves the right to limit the establishment or operation of the following:
(a) clearing and settlement services; (b) central securities depository; (c) trade repository; (d) trading facilities; (e) credit rating agencies; (f) exchanges; or (g) securities and futures market.
For greater certainty, this reservation does not apply to financial institutions participating in, or seeking to participate in, any such exchange or securities market.
Existing Measures: Autoriti Monetari Brunei Darussalam Order, 2010. Securities Markets Order, 2013.[...]" (ANNEX III - SCHEDULE OF BRUNEI DARUSSALAM, Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP))
GUIDELINE NO. CMU/G-2/2017/2 GUIDELINE ON LICENSING AND RECOGNITION APPLICATIONS  FOR COLLECTIVE INVESTMENT SCHEMES
GUIDELINE NO. CMU/G-1/2017/1    GUIDELINE ON APPLICATION FOR CAPITAL MARKETS SERVICES LICENCE AND CAPITAL MARKETS SERVICES REPRESENTATIVE'S LICENCE  
Securities Markets Order, 2013
ANNEX III - SCHEDULE OF BRUNEI DARUSSALAM, Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)
[<a href="https://www.bdcb.gov.bn/SiteAssets/Pages/legislation-and-regulations/Guideline%20CMU%20-%20Guideline%20on%20Licensing%20and%20Recognition%20Application%20for%20Collective%20Investment%20Schemes.pdf">Guideline</a>],[<a href="https://www.bdcb.gov.bn/SiteAssets/Pages/Legislation-And-Regulations/Guideline%20on%20Application%20for%20CMSL%20and%20CMSRL%20(Final).pdf">Guideline</a>],[<a href="http://www.agc.gov.bn/AGC%20Images/LAWS/Gazette_PDF/2013/EN/s059.pdf">Order</a>],[<a href="">CPTPPhttps//www.mfat.govt.nz/assets/Trade-agreements/TPP/Annexes-ENGLISH/Annex-III.-Brunei.pdf</a>]