Crown Dependency Regulators to maintain close co-operation

The Crown Dependencies’ financial services regulators will continue to work together to achieve common objectives in a number of key areas. That was an important outcome of the Annual Meeting of Regulators from Jersey, Guernsey and the Isle of Man, which was held recently in London.

The Directors General and senior officers are in regular contact with each other and discuss key operational factors facing the three Crown Dependencies. The annual meeting is an opportunity for the Boards and their executives to consider developments in the international industry and update each other on domestic issues.

The meeting, which was on this occasion chaired by Clive Jones of the Jersey Financial Services Commission, considered a number of topics including the work of the Group of International Finance Centre Supervisors, which is chaired by John Aspden, Chief Executive and Commissioner of the Isle of Man Financial Supervision Commission; legislative and regulatory updates; and government relations. The representatives shared their thoughts on the necessary level of communication to Industry, of what are to be considered high-risk clients, jurisdictions and sensitive activities.

The forum also discussed the need to maintain, jointly, the focus on demonstrating ‘equivalence’ with European Union regulations, whilst increasingly looking towards developments in the emerging markets of the BRIC countries.

Clive Jones, as Chair and on behalf of the meeting, said: “We consider it essential, whilst preserving our independent regulatory requirements, to maintain a regular dialogue and spirit of co-operation between the financial services regulators of the Crown Dependencies. There is considerable power and efficacy in sharing our knowledge and expertise to achieve common objectives that will benefit our jurisdictions individually and collectively. This meeting was extremely productive and further cemented our tripartite relationship.”