LABUAN: Labuan Financial Services Authority (Labuan FSA) has announced Temporary Regulatory Reliefs (TRRs) for Labuan entities to cushion the impact and disruption to business operations caused by the Covid-19 pandemic.
Labuan FSA said the TRRs are intended to provide administrative and financial relief to Labuan entities during the pandemic and facilitate uninterrupted business and market operations in the Labuan International Business and Financial Centre (Labuan IBFC).
“The TRRs provide governance and conduct regulatory relief, such as allowing for virtual board meetings, and a reduction in the prescribed continuous professional development points required to renew licensed persons such as trust officers,” it said in a statement today.
It said the TRRS also provides financial regulatory relief, regulatory submission and supervisory for financial institutions and an extension period for the submission of statistical submission.
Labuan FSA said this added to the existing facilitative approach to cater to the unique challenges caused by Covid-19 by allowing digital alternatives where possible, while ensuring that regulatory standards are set both within the jurisdiction and that international requirements are not mitigated.
Labuan IBFC, Asia’s leading midshore jurisdiction, is home to more than 16,000 entities, with Asian-based entities being a large user base for the jurisdiction. – April 13, 2020, Bernama
