Guernsey regulator signs MoU with Gibraltar counterpart

10 June 2015

The Guernsey Financial Services Commission (GFSC) has signed a Memorandum of Understanding (MoU) with the Financial Services Commission in Gibraltar (FSC).

The MoU is part of an ongoing programme of expanding coverage of the GFSC's network of supervisory and regulatory cooperation agreements. This latest agreement provides a framework for enhanced cooperation between the two supervisory authorities and has been signed in the spirit of mutual cooperation and information exchange seen as crucial by the G20 countries and international standard setters for financial services supervisors.

The GFSC is committed to international regulatory co-operation and is a signatory to the International Organisation of Securities Commissions (IOSCO) MMoU and the International Association of Insurance Supervisors (IAIS) MMoU.  It also has numerous bilateral regulatory co-operative agreements in place; and, through the European Securities and Markets Authority (ESMA), has in place MoUs covering the Alternative Investment Fund Managers Directive (AIFMD) with 27 members of the European Economic Area (EEA).

The Guernsey regulator ensures the Bailiwick's regulatory framework and practice meets international standards and is a committed participant in discussions of international standards. It does so through membership of, or association with, organisations comprising IOSCO, IAIS and the Group of International Insurance Centre Supervisors (GIICS), the Group of International Finance Centre Supervisors (GIFCS), the Organisation for Economic Co-operation and Development (OECD) - (through the United Kingdom's membership) and the Council of Europe's Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL).

Through its membership of the Group of International Finance Centre Supervisors, the GFSC works with the Basel Committee on Banking Supervision (BIS) and the Financial Action Task Force (FATF) on money laundering.

Speaking about the MoU, FSC Chief Executive Samantha Barrass said: "The signing of the MoU between the Guernsey Financial Services Commission and the Gibraltar Financial Services Commission is an important step to enhancing the good working relationship between the two organisations. It reflects our commitment to build and develop our cross border communication with other supervisors and implement measures to benefit the protection of consumers."

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