Crown Dependencies Meet On Regulation

by Jason Gorringe, Tax-News.com, London

18 October 2010

The financial regulators of Guernsey, Jersey and the Isle of Man met recently at Gatwick Airport to discuss matters of mutual interest at an inaugural Crown Dependencies’ Regulatory Summit.

Among items discussed at the Summit was heightening regulatory cooperation between the three islands’ regulators: the Guernsey Financial Services Commission (GFSC), the Jersey Financial Services Commission (JFSC), the Isle of Man Financial Supervision Commission and the Isle of Man Insurance and Pensions Authority.

The three delegations, which included commissioners and board members, discussed international regulatory developments. Recent IMF assessments and recommendations were among the issues tabled for debate. A number of areas were identified where it was agreed to investigate a tripartite approach.

Director General of the GFSC, Nik van Leuven said: “The Crown Dependencies face many common issues and challenges in the regulatory field and this was an invaluable opportunity to share experiences and best practice.”

“It was useful and informative for the Guernsey Commission to engage with fellow commissioners and board members and there was unanimous agreement that the exercise should be repeated next year.”

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