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Industry Updates
FSB Endorses Cayman, BVI & Ireland for Regulatory and Supervisory Standards
09 Jan 2014
To cap off another successful year for standards in transparency and cooperation, the Cayman Islands, British Virgin Islands ("BVI") and Ireland were recognised by the Financial Stability Board ("FSB") as jurisdictions that have sufficiently strong adherence to internationally agreed information exchange and cooperation standards in the areas of banking, insurance and securities regulation.
The FSB is the successor to the Financial Stability Forum ("FSF") and includes all G-20 major economies, FSF members, and the European Commission. The FSB monitors and makes recommendations about the global financial system in accordance with the BCBS Banking Core principles, IAIS Insurance Core principles and IOSCO Principles of Securities Regulation.
The Cayman Islands, BVI and Ireland were three of 60 jurisdictions evaluated for adherence based on the latest assessment reports underlying the IMF-World Bank Report on the Observance of Standards and Codes, as well as on their signatory status to the IOSCO Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information.
The full text of the FSB's status update of 18 December 2013 on global adherence to regulatory and supervisory standards on international cooperation and information exchange can be viewed here.
The FSB is the successor to the Financial Stability Forum ("FSF") and includes all G-20 major economies, FSF members, and the European Commission. The FSB monitors and makes recommendations about the global financial system in accordance with the BCBS Banking Core principles, IAIS Insurance Core principles and IOSCO Principles of Securities Regulation.
The Cayman Islands, BVI and Ireland were three of 60 jurisdictions evaluated for adherence based on the latest assessment reports underlying the IMF-World Bank Report on the Observance of Standards and Codes, as well as on their signatory status to the IOSCO Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information.
The full text of the FSB's status update of 18 December 2013 on global adherence to regulatory and supervisory standards on international cooperation and information exchange can be viewed here.
Related Services
Regulatory & Compliance
Risk management and regulatory compliance have become key priorities for clients with both regulators and investors demanding greater transparency and enhanced reporting. Compliance with these obligations means ensuring a clear understanding of the ongoing requirements and often the aggregation, calculation, maintenance, reconciliation and submission of extensive data sets to various parties on a regular basis. The Maples Group has unrivalled expertise in regulatory matters, particularly in the field of anti-money laundering and counter-terrorist financing. We pride ourselves on our established relationships with regulatory bodies and have had significant involvement with the development of financial services law and policy both locally and internationally. Our ability to draw on this experience enables us to provide prompt, pertinent and clear advice that adds real value and helps our clients determine how best to maintain compliance across multiple jurisdictions.
