The British Virgin Islands Financial Services Commission (BVI FSC) has signed a multilateral Memorandum of Understanding (MoU) between members of the Group of International Financial Centre Supervisors. The objective of the MoU is to ensure clarity and effective regulatory cooperation between authorities responsible for supervising the banking sector in signatory jurisdictions.
The MoU represents another way that the authorised competent authorities in the participating jurisdictions can cooperate in relation to the exchange of information.
Under the MoU the various competent authorities of the participating jurisdictions agree to provide mutual assistance and exchange of information to enable the competent authorities to perform their duties and functions effectively according to the domestic laws and regulations of their home jurisdictions.
The MoU also includes a framework of roles and requirements of such authorities, in order to achieve effective regulation and supervision and to make provision for confidentiality rules regarding the sharing and exchange of information.
The jurisdictions participating in the MoU include Bermuda, BVI, Cayman Islands, Gibraltar, Guernsey, Isle of Man, Jersey, and all other GIFC members. The BVI FSC signed the MoU on 8 May 2017.
Click here to download our legal update in which we examine briefly some of the important sections of the MoU.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
