CIMA and UK’s FSA sign agreement
The Cayman Islands Monetary Authority (CIMA) and the United Kingdom’s national regulator of financial services and markets Financial Services Authority (FSA) have signed a memorandum of understanding.
The memorandum of understanding for the exchange of information and investigative assistance was signed on February 21, 2008. This document is the latest cooperation agreement between the Cayman Islands Monetary Authority and a UK regulator, and it provides a formal basis for cooperation between the two organizations.
According to CIMA, the agreement is similar to 11 others signed with overseas financial regulators. It outlines the types of assistance that can be requested and given by Cayman Islands Monetary Authority and the UK’s FSA. These types include discussing issues of mutual interest; providing or verifying information; obtaining specified information and documents from other parties; arranging and conducting inspections of financial services providers, and others.
Recently, CIMA implemented an agreement with the Office of the Insurance Commissioner of Washington State. Also, CIMA has cross-border agreements with the Jersey Financial Services Commission (JFSC); the Commodity Futures Trading Commission and the Securities and Exchange Commission in the US; the Bermuda Monetary Authority; the Office of the Superintendent of Financial Institutions in Canada; the Central Bank of Brazil; the Isle of Man Financial Supervision Commission; the Bank of Jamaica; the Superintendency of Banks of the Republic of Panama; and a multilateral Memorandum of Understanding with 8 Caribbean regulators.