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Following the enactment by Government of the Financial Services (Information Gathering and Co-operation) Act 2013 in October last year the Financial Services Commission (FSC) has become a full signatory to the Multilateral Memorandum of Understanding (MMoU) of the International Organisation of Securities Commissions (IOSCO).

The Resolution to confer this upon the Financial Services Commission was made by the Decision Making Group on the 20th December 2013 and has been formally communicated on the IOSCO web-site.

The IOSCO MMoU is an international protocol between financial services regulators for the provision of assistance and exchange of regulatory information between regulators on financial services in the area of investment services.

The introduced legislation was required to strengthen the powers of the FSC to provide assistance to fellow regulators was an essential requirement for the application to have been successful.

In a statement released by the Minster with responsibility for Financial Services, the Hon. Albert Isola, stated

“The Government is committed to ensuring that all aspects of financial services regulation continue to meet international standards. We are committed to a culture of compliance with European and International obligations and standards.”

“I would like to thank and congratulate the FSC on their good work on achieving this resolution,”

The Financial Services (Information Gathering and Co-operation) Act 2013 is now firmly established in the working practices of the FSC both for international cooperation as well as the legal basis upon which the FSC obtains regulatory information for its own purposes.

08-01-2014 | by GOG | Published: