PETALING JAYA: The Securities Commission Malaysia (SC) and the Labuan Financial Services Authority (Labuan FSA) today signed a new memorandum of understanding (MoU) to pave the way for greater regulatory, enforcement and supervisory co-operation between the two
regulators.
Taking cognisant of the changing business landscape as well as new regulatory and policy developments, the MoU builds upon and further strengthens the memorandum of co-operation and mutual assistance signed between the two agencies in 2004.
The MoU covers the development and regulation of capital market activities in Malaysia, including monitoring of risks and promoting stability of the capital market. It will also enhance provision of technical assistance, capacity building and exchange of information between the two regulators.
SC chairman Datuk Syed Zaid Albar said the arrangement is an important initiative to grow capital markets and achieve greater cooperation and synergy between the SC and Labuan FSA.
“Supervision and oversight are always at the core of any regulator’s mandate. This enhanced collaboration towards building a robust, innovative and stable regulatory environment will spur the growth of existing and new market segments and benefit our markets, participants and investors,” he added.
Labuan FSA chaiman Datuk Siti Zainab Omar said the MoU will further strengthen collaboration between both regulators in ensuring steady development of the capital market industry in the Labuan IBFC and Malaysia’s capital market landscape.
