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.
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