The Annual Regulatory Meeting of the UK Crown Dependencies took place on 12 October 2011. The meeting provides a forum for members of the Boards of the financial services regulators in Guernsey, the Isle of Man and Jersey to meet and discuss common issues affecting the Crown Dependencies and to share their regulatory knowledge and experience.
On this occasion the meeting was chaired by Mrs Rosemary Penn, Chairman of the Isle of Man Financial Supervision Commission. Discussions focussed on international regulatory developments and the potential impact of these on the three jurisdictions. They included the impact of Basel III and initiatives being progressed by the G20 and Financial Stability Board. They also covered the review of the Financial Action Task Force’s Recommendations on countering money laundering and terrorist financing.
The ongoing global challenges for the financial services sector and their impact on business were reviewed, and the need for regulators in each of the three jurisdictions to continue to work closely was recognised as imperative to manage the impact of the increased risks arising from the wider financial turbulence.
The Chairmen of the regulatory bodies issued a joint statement saying that “the meeting provides an important forum for the Boards in each of the jurisdictions to meet and collectively discuss key issues affecting them. The ability to learn from each other at Board level and to work together on common areas has been very beneficial and has ensured that we maintain our excellent working relationship especially during this time of significant change within the financial services sector”.