(Grand Cayman - Thursday, 19 December 2013)
The Financial Stability Board (FSB) has confirmed its designation of the Cayman Islands as a jurisdiction which demonstrates sufficiently strong adherence to international standards on cooperation and information exchange.
In a statement issued yesterday, the FSB again listed the Cayman Islands among those countries which meet the standards in the areas of banking supervision, insurance supervision and securities regulation. The Cayman Islands first gained this recognition in 2012.
The FSB began this initiative in 2010, in response to a call by the G20 leaders to develop a toolbox of measures to promote adherence to prudential standards and cooperation with jurisdictions. “Cooperation and information exchange amongst financial supervisors and regulators are essential for effective oversight in an integrated financial system”, the FSB said in its statement of 18 December, 2013.
Managing Director of the Cayman Islands Monetary Authority, Mrs. Cindy Scotland, and the Honourable Financial Secretary, Mr. Kenneth Jefferson, represent the Cayman Islands on the Board of the FSB’s Regional Consultative Group for the Americas.
Mrs. Scotland expressed her satisfaction with the FSB’s confirmation. She said, “It is heartening to know that the consistent and sustained efforts being undertaken by the Cayman Islands to be compliant with international best practice in regulatory and supervisory matters has again been recognised.”