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The boards of the financial services regulators in Guernsey, Isle of Man and Jersey met on 5 November. The meeting provides an annual forum for members of the respective boards to meet and discuss common issues affecting the Crown Dependencies and to share their regulatory knowledge and experience.
On this occasion the meeting was chaired by Geoff Karran, Chairman of the Isle of Man Financial Supervision Commission.
Discussions focussed on international regulatory developments as they affect the Crown Dependencies, anti-money laundering issues, assessments of compliance with international standards to which the dependencies are all subject, and the landscape for them in the light of UK, EU and broader international regulatory changes. The meeting also covered work on national risk Assessment and beneficial ownership matters - areas where the Crown Dependencies have been working closely together.
The chairmen of the regulatory bodies issued a joint statement saying that: “We have many issues in common. The meeting provides an important forum for the boards in each of the jurisdictions to meet and collectively share views and experiences on key issues. All three Islands have been affected by the significant changes in the regulatory environment since the financial events in 2008 and continue to work together on many issues wherever possible. At board level it has been very beneficial to maintain our excellent working relationship especially at a time where there have been many challenges to embrace.”
