The Labuan Financial Services Authority (FSA) and the Financial Supervisory Commission (FSC) of Taiwan have signed a Memorandum of Understanding that covers the supervisory cooperation and mutual assistance in the fields of banking, insurance, securities and futures.
The Memorandum of Understanding includes rules regarding how supervisory information is to be exchanged, the purpose of such exchanges, and the maintenance of confidentiality (which includes the cooperation of on-site examinations, training and staff development, etc).
The Labuan FSA has claimed that this partnership with the FSC of Taiwan will be able to “further strengthen financial supervisory cooperation” in the region.
The Memorandum of Understanding was signed by the deputy director-general of the Labuan FSA, Danial Mah Abdullah, and director general of international affairs for the FSC of Taiwan, Joe Lai.
