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.
Labuan FSA said the TRRs provide:
(i) 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
(ii) Financial Regulatory Relief, Regulatory Submission and Supervisory for financial institutions and
(iii) An extension period for the submission of Statistical Submission, among 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 says it has already taken a facilitative approach in catering to the unique challenges caused by COVID-19 since February by allowing digital alternatives where possible, while ensuring regulatory standards are set both within the jurisdiction and that international requirements are not mitigated.
Click here for more details on the scope of the TRRs.