The Labuan Financial Services Authority has announced 'temporary regulatory reliefs' for firms with the aim of cushioning the disruption that the pandemic is causing to their operations.

These 'reliefs' (rule relaxations) are meant to help the firms administratively and financially, the aim being to keep business and market operations going in the Labuan International Business Financial Centre.

These rule relaxations come in three forms.

• Governance and Conduct Regulatory Relief, such as permission to conduct virtual board meetings and a reduction in the prescribed Continuous Professional Development or CPD points required to renew licensed persons such as trust officers.
• "Financial Regulatory Relief, Regulatory Submission and Supervisory." There is no explanation for this form of words from the Labuan FSA.
• An extension period for the submission of statistics and other things, i.e. some indulgence with regulatory reporting.

The Labuan IBFC is home to more than 16,000 entities.