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Guernsey, Gibraltar Regulators Sign MoU

by Jason Gorringe, Lowtax.net, London
12 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 program 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 said it is committed to international regulatory co-operation, noting that it is a signatory to the International Organisation of Securities Commissions (IOSCO) multilateral MoU and the International Association of Insurance Supervisors (IAIS) multilateral MoU. Through the European Securities and Markets Authority, it also has MoUs in place covering the Alternative Investment Fund Managers Directive with 27 members of the European Economic Area.

GFSC 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 organizations. 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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