It is the first time the three Crown Dependencies’ regulators have met to officially discuss how they can work together. In attendance were representatives from the Guernsey Financial Services Commission (GFSC), the Jersey Financial Services Commission, the Isle of Man Financial Supervision Commission and the Isle of Man Insurance and Pensions Authority.
According to a statement released by the GFSC, the three delegations, which included commissioners and board members, discussed international regulatory developments, in particular recent IMF assessments and recommendations were among the issues debated.
The statement also said a number of areas were identified where it was agreed to “investigate a tripartite approach.”
Director general of the GFSC Nik van Leuven said: “The Crown Dependencies face many common issues and challenges in the regulatory field and this was an invaluable opportunity to share experiences and best practice.
“It was useful and informative for the Guernsey Commission to engage with fellow commissioners and board members and there was unanimous agreement that the exercise should be repeated next year.”
The Isle of Man Financial Supervision Commission has agreed to organise the summit next year.
