Labuan, Malaysia, 10 April 2020 – 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 coronavirus pandemic.
The TRRs are intended to provide administrative and financial relief to Labuan entities during the COVID-19 crisis and facilitate uninterrupted business and market operations in Labuan IBFC.
The TRRs provide:
- Governance and Conduct Regulatory Relief, such as allowing for virtual Board meetings, a reduction in the prescribed Continuous Professional Development points required to renew licensed persons such as trust officers
- Financial Regulatory Relief, Regulatory Submission and Supervisory for financial institutions and
- An extension period for the submission of Statistical Submission, amongst others.
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, Labuan FSA has already taken a facilitative approach in catering to the unique challenges caused by Covid-19 since February by allowing digital alternatives where possible, whilst ensuring regulatory standards are set both within the jurisdiction and that international requirements are not mitigated.
For more details and scope of the TRRs, please refer to: https://tinyurl.com/vosu77v
For more information on Labuan IBFC, please refer to www.labuanibfc.com.