SC, Labuan FSA ink MoU for greater regulatory and enforcement cooperation


Securities Commission deputy chief executive Datuk Zainal Izlan Zainal Abidin (left) and Labuan FSA chairman Datuk Siti Zainab Omar (right).

KUALA LUMPUR: The Securities Commission Malaysia (SC) has inked a memorandum of understanding (MoU) with the Labuan Financial Services Authority (Labuan FSA) to pave the way for greater regulatory, enforcement and supervisory cooperation between the two regulators.

Taking cognisant of the changing business landscape, as well as new regulatory and policy developments, the MOU builds upon and strengthens the memorandum of cooperation and mutual assistance signed between the SC and Labuan FSA in 2004.

In a joint statement, SC chairman Datuk Syed Zaid Albar said the MoU, which covers the development and regulation of capital market activities in Malaysia, would enable the commission and Labuan FSA to strengthen collaboration in areas of mutual interest, including monitoring of risks and promoting the stability of the capital market.

He said the MoU would also enhance the provision of technical assistance, capacity building and exchange of information between the two regulators.

"This collaborative arrangement is an important initiative to grow our 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 said.

Labuan FSA chairman Datuk Siti Zainab Omar said the enhanced collaboration towards building a robust, innovative and stable regulatory environment would spur the growth of existing and new market segments and benefit our markets, participants and investors.

"The MoU will pave the way for the SC and Labuan FSA to further strengthen an already long-standing collaboration between both regulators, in ensuring the steady development of the capital market industry in the Labuan International Business and Financial Centre (IBFC) and Malaysia’s capital market landscape,” she added. - Bernama

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