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The UK does not supervise or control the financial or commercial activities of the Islands. However, both Bailiwicks have always believed that it is in their long-term interest to maintain good relations with their major trading partner. This principle has been backed in recent years by legislation. Examples of such legislation include laws comparable with the UK concerning the protection of depositors, insurance business, investor protection, drug trafficking offences and insider dealing. The introduction of investor protection legislation has led to both Islands obtaining "designated territory status" under section 87 of the UK Financial Services Act 1986 which enables authorised collective investment schemes administered in the Islands to be freely marketed in the UK.
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