The MoU is similar to the other 11 agreements in place between CIMA and overseas financial regulators. It outlines the types of assistance that can be requested and given by CIMA and the FSA.

This includes: providing, confirming or verifying information; obtaining specified information and documents from other parties; discussing issues of mutual interest; questioning or taking testimony of persons designated by the requesting authority; arranging and/or conducting inspections of financial services providers; and permitting representatives of the requesting authority to participate in enquiries by or on behalf of the requested authority.

The MoU also outlines the procedure each regulator will use for making requests, and explains how requests will be assessed to determine if the required assistance can be given.

The agreement has provisions for the treatment of confidential information that each authority may receive under the MoU. Such non-public information can only be disclosed, the MoU states, "in accordance with disclosures permitted under its applicable laws, regulations and requirements".

According to CIMA's Managing Director, Cindy Scotland, the agreement represents a significant development for the Cayman financial services industry.

She announced following the signining of the agreement that: "The FSA is an important regulator of a major G7 country. We see this MoU as reinforcing our strong international cooperation regime and further demonstrating our commitment in this area."

The MoU with the FSA follows the implementation of one with the Office of the Insurance Commissioner, Washington State, on January 31st.

Other cross-border agreements exist with financial regulators in Jersey, Canada, Brazil, the US, the Isle of Man, Bermuda, Jamaica, and Panama. There is also a multi-lateral MoU in place with eight Caribbean regulators.