The Guernsey Financial Services Commission (GFSC) has signed two Memorandums of Understanding with overseas regulators this month, which provide frameworks for enhanced cooperation between supervisory authorities.
Croatia
An MoU with the Croatian Financial Services Supervisory Agency (HANFA) has been signed in a spirit of mutual cooperation and information exchange seen as crucial by the G20 countries and international standard setters for financial services supervisors.
The agreement will allow for Guernsey funds to undertake private placements in Croatia under the terms of the umbrella series of AIFMD MoUs negotiated at EU level in 2013.
GFSC Director General William Mason commented: “The MoU marks our ongoing commitment to close co-operation and partnership with EU member state regulators as the UK moves ahead with Brexit. We look forward to strengthening our relationship with HANFA.”
Labuan
The GFSC has also signed an MoU with the Labuan Financial Services Authority, which aligns with the Commission's commitment to widen its links internationally and in support of a fellow regulator in raising the standards of financial services regulation worldwide.
The Commission is committed to international regulatory co-operation and is a signatory to the International Organisation of Securities Commissions (IOSCO) MMoU and the International Association of Insurance Supervisors (IAIS) MMoU.
It also has numerous bilateral regulatory co-operative agreements in place and, through the European Securities and Markets Authority (ESMA), has MoUs covering AIFMD with 28 members of the EEA.