News

Commission signs MoUs with two financial services regulators

20th February 2020

The Commission signed two separate Memorandums of Understanding ("MoUs") with overseas regulators during February 2020, which provide frameworks for enhanced cooperation between supervisory authorities. This is part of the Commission’s ongoing commitment to expand and strengthen its network of supervisory and regulatory cooperation agreements.

Croatia

The MoU with the Croatian Financial Services Supervisory Agency ("HANFA") 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. Its signing will also allow for Guernsey funds to undertake private placements in Croatia under the terms of the umbrella series of AIFMD MoUs negotiated at EU level in 2013.

Commenting on the MoU, the Director General of the Guernsey Financial Services Commission (GFSC), William Mason, said: "

I am pleased to sign the MoU as it marks our ongoing commitment to close co-operation and partnership with EU member state regulators as the UK moves ahead with Brexit. We look forward to strengthening our relationship with HANFA."

Labuan

The Commission has also signed an MoU with the Labuan Financial Services Authority ("Labuan FSA") which is aligned with our commitment to widening the links of the Commission internationally and in support of a fellow regulator in raising the standards of financial services regulation worldwide.

Notes:

The Commission is committed to international regulatory co-operation and is a signatory to the IOSCO MMoU and the 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 AIFMD with 28 members of the EEA.

The Commission 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, the following international organisations:

  • The International Organisation of Securities Commissions (IOSCO)
  • The  International  Association  of  Insurance  Supervisors  (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. •    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, it works with:

  •  The Basel Committee on Banking Supervision (BIS)
  •  The Financial Action Task Force (FATF) on money laundering