Labuan FSA eases rules to allow businesses to focus on COVID-19 response

The Labuan Financial Services Authority (LFSA) has granted temporary regulatory reliefs (TRRs) for Labuan entities to cushion the impact and disruption to business operations caused by the COVID-19 pandemic.

LFSA relaxed administrative requirements around governance and market conduct, and provided greater flexibility for other technical submissions. It also offered an extension for regulatory reporting and submissions.

The TRRs will provide administrative and financial relief to captives and other entities domiciled in Labuan during the COVID-19 crisis to allow them to focus on their business continuity measures, LFSA said.