The Financial Stability Board (FSB) published its annual public statement in December 2013 to recognise the progress that jurisdictions evaluated by the FSB have made under its initiative to encourage the global adherence to regulatory and supervisory standards on international cooperation and information exchange in the areas of banking supervision, insurance supervision and securities regulation.
Bermuda was recognised as a jurisdiction demonstrating sufficiently strong adherence to the relevant standards (the highest level of adherence category). The FSB report highlights that cooperation and information exchange amongst financial supervisors and regulators are essential for effective oversight in an integrated financial system. Bermuda endorses this view, as evidenced by the 38 Tax Information Exchange Agreements (TIEAs) that it has signed to date.
The current FSB initiative commenced in March 2010 in response to a call by the G20 Leaders at their April 2009 Summit in London for the FSB to develop a toolbox of measures to promote adherence to prudential standards and cooperation among jurisdictions. It complements similar initiatives by the Global Forum on Transparency and Exchange of Information for Tax Purposes to promote adherence to international standards in the tax area, and by the Financial Action Task Force for standards concerning anti-money laundering and combating the financing of terrorism.
The FSB, chaired by Mark Carney, Governor of the Bank of England, brings together national authorities responsible for financial stability in significant international financial centres, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts.
To view the FSB's Dec 2013 status update on global adherence to regulatory and supervisory standards on international cooperation and information exchange, click UPDATE.
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