The Guernsey Financial Services Commission (GFSC) has published its annual report for 2003, it emerged this week.
In the Annual Report, the Commission drew attention to the publication last year of the International Monetary Fund's (IMF) report on the Bailiwick's financial regulation and criminal justice framework, revealing that Guernsey was assessed by the IMF to have a high level of compliance with international standards of regulation in banking, insurance, securities, trust and company service provision, anti-money laundering and combating the financing of terrorism.
Additionally, the report announced that during 2003, the Commission was involved in a number of initiatives with industry, working to ensure that the Bailiwick maintains its competitive edge whilst adhering to recognised standards. For example, agreement was reached with industry on clarification of the treatment of hedge funds to further simplify procedures. A review of corporate governance standards is also being undertaken to harmonise requirements across all sectors.
Speaking this week, director general of the GFSC, Peter Neville observed that:
"2003 was a very good year for the Commission. We received an excellent IMF report, which commended our high regulatory standards. These same standards were cited by Robert Finch, the Lord Mayor of the City of London, as good reason to do business with the Island and he acknowledged that we stand alongside the City in terms of our integrity, innovation and standards of service."
He concluded:
"It is pleasing that the finance sector is vibrant and continuing to grow. The Commission aims to regulate financial institutions in accordance with established international standards in such a way that innovation continues to be encouraged and Guernsey continues to be competitive."
The full text of the Guernsey Financial Services Commission's 2003 Annual Report can be found in the Tax-News Resources section.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment