Guernsey: Guernsey / German Regulators Sign MoU
Last Updated: 7 September 2011

Guernsey’s financial services regulator, the Guernsey Financial Services Commission (GFSC), and Germany’s banking, insurance and securities regulator, BaFin, have signed a Memorandum of Understanding (MoU), which provides a framework for enhanced cooperation between the two supervisory authorities.

The MoU has been signed in the spirit of mutual cooperation and information exchange seen as crucial by the G20 countries and international standard setters for financial services supervisors.

Nik van Leuven, Director General of the Commission, said: "I am delighted to sign a Memorandum of Understanding with BaFin. The Commission and BaFin have developed a very close working relationship. The MoU is an important further step in deepening that relationship and I look forward to continuing our constructive dialogue and work in the months and years to come."

It is the second such agreement that the GFSC has signed with a German regulatory / supervisory body. In 2009, the GFSC signed a Multilateral Cooperation and Coordination Agreement for the Deutsche Bank Group Supervisory College.

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