The Financial Stability Board (FSB), the body established to coordinate the work of national financial authorities and international standard setting bodies in the interest of financial stability, 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, the FSB again listed the Cayman Islands among those countries which meet its required 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.
Cindy Scotland, the managing director of the Cayman Islands Monetary Authority, and Kenneth Jefferson, the Honourable Financial Secretary, represent the Cayman Islands on the Board of the FSB’s Regional Consultative Group for the Americas.
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.”
FSB, Cayman, regulation