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Guernsey, Denmark Regulators Sign MoU

by Jason Gorringe, Lowtax.net, London
19 August, 2015

The Guernsey Financial Services Commission has signed an MoU with the Danish Financial Supervisory Authority, Finanstilsynet, to establish a framework for enhanced cooperation between the two supervisory authorities.

The signing of the MoU for Guernsey is part of an ongoing effort to expand on its network of supervisory and regulatory cooperation agreements, to enhance oversight of the financial services sector.

William Mason, Director General of the Guernsey Financial Services Commission said: "The Danish agreement, is the third major EU regulator, alongside Ireland and Luxembourg, with whom we have signed an agreement during 2015 and is testament to our commitment to regulatory co-operation and the continued strengthening of our relationships with EU member states."

The primary task of the Danish FSA is supervision of financial undertakings – banks, mortgage-credit institutions, pension, and insurance companies, among others. The most important supervisory activity is monitoring that undertakings have adequate own funds to cover their risks (supervision of solvency).

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