By Jason Gorringe, From Lowtax.net, London

The Guernsey Financial Services Commission (GFSC) has signed a Memorandum of Understanding (MoU) with the Cayman Islands Monetary Authority to provide a framework for enhanced cooperation between the two supervisory authorities.

The MoU will enable the two regulators to collaborate and exchange information, seen as crucial by the G-20 countries and international standard setters, and the deal will serve to further strengthen ties between the two territories.

The agreement adds to the GFSC’s existing network of regulatory cooperation agreements, which includes the International Organisation of Securities Commission’s (IOSCO’s) multilateral MoU and the International Association of Insurance Supervisors’s (IAIS’s) multilateral MoU. The GFSC also has numerous bilateral regulatory co-operative agreements in place, and, through the European Securities and Markets Authority, has in place MoUs covering the Alternative Investment Fund Managers DIrective (AIFMD) with 27 members of the European Economic Area.

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