Foreign investment in payment system operators as well as in other financial services requiring a capital market service license (e.g. securities and commodity brokerage, investment advisory services) 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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"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))
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"2. DEFINITIONS 2.1. For the purposes of this Notice – [...]
“Operator” means, in relation to a payment system, a person who operates the payment system that has been approved under paragraph 4.3; [...]
“permanent place of business”, in relation to an Operator, means each fixed location in Brunei Darussalam used by the Operator for carrying on its business, regardless whether the business is carried on within a single building or at a single business address; [...]
“registered office” means a registered office maintained under section 92 of the Companies Act, Chapter 39; and
[...]
4. REQUIREMENT ON OBTAINING APPROVAL FOR PAYMENT SYSTEMS  
4.1. No person shall operate a payment system unless that payment system has been approved by the Authority under this paragraph 4. [...]
4.3. The Authority shall approve a payment system, with or without conditions, where –  (a) the information and documents that are furnished to the Authority are not false or misleading;  (b) the criteria set out in paragraph 7 has been fulfilled;   (c) where it is in the interests of Brunei Darussalam to approve the payment system. 
[...]
7. CRITERIA FOR GRANT OF APPROVAL 
7.1. Any person applying for approval under paragraph 4.2 must fulfil the following criteria –  (a) The applicant must be a company incorporated or registered under the Companies Act, Chapter 39;  (b) The applicant must satisfy the Authority that its directors, chief executive officer, shareholders, employees as well as the applicant itself are fit and proper;  (c) The applicant must satisfy AMBD of its track record and financial standing, where applicable;  (d) The applicant must have a permanent place of business or registered office located in Brunei Darussalam; and  (e) The applicant must have a base capital of B$100,000. [...]" (NOTICE NO. PSO/ N-1/ 2020/ 1 - AMENDMENT NO.1 REQUIREMENTS FOR PAYMENT SYSTEMS)
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
ANNEX III - SCHEDULE OF BRUNEI DARUSSALAM, Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)
NOTICE NO. PSO/ N-1/ 2020/ 1 - AMENDMENT NO.1 REQUIREMENTS FOR PAYMENT SYSTEMS
[<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="Notice">CPTPPhttps//www.mfat.govt.nz/assets/Trade-agreements/TPP/Annexes-ENGLISH/Annex-III.-Brunei.pdf</a>],[<a href="">https//www.bdcb.gov.bn/SiteAssets/regulatory/legislation-notices-and-regulations/Notice-on-Requirements-for-Payment-Systems-Amendment.pdf</a>]