Crown Dependencies Discuss Regulation

by Jason Gorringe, Tax-News.com, London

18 October 2011

The boards of the financial services regulators in Guernsey, the Isle of Man and Jersey have met to discuss common issues affecting the islands and to share their regulatory knowledge and experience.

On this occasion the annual meeting was chaired by 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 recognized as imperative to manage the impact of the increased risks arising from the wider financial turbulence.

The Chairmen of the regulatory bodies, in a joint statement said that “the meeting provided 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.”

Recommended