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| Guernsey Confirmed As A Leader In Financial Stability |
by Amanda Banks, Tax-News.com, London
Wednesday, November 09, 2011
The Guernsey authorities have welcomed a report commissioned for the recent G20 summit which recognizes that the jurisdiction has demonstrated strong adherence to international co-operation and information exchange.
The report, prepared by the Financial Stability Board (FSB), is in response
to a request from G20 leaders in April 2009 that the FSB develop a toolbox of
measures to promote adherence by jurisdictions to prudential standards.
Guernsey was included in the FSB’s initial pool of 60 jurisdictions for
evaluation as it ranks highly in terms of its importance to the global financial
infrastructure. Jurisdictions have been ranked into three tiers – those
which can demonstrate "a strong commitment to financial stability",
those making steady progress, and those which need to do more. Guernsey was
ranked within the first tier.
The conclusions were based on a detailed assessment of evidence compiled by
the International Monetary Fund, the World Bank and the International Organization
of Security Commissions.
Lyndon Trott, the Chief Minister of Guernsey, welcomed Guernsey's placement,
stating: “This is further recognition of the excellence of Guernsey’s
robust regulatory framework, our commitment to information exchange and transparency,
and our global reputation as a co-operative jurisdiction. It once again highlights
that Guernsey plays a leading role in protecting financial stability through
the full and effective implementation of international standards.”
Richard Walker, the Guernsey Financial Services Commission’s Director
of Policy and International Affairs commented: “The Commission has long
believed in the importance of effective cooperation and information exchange.
Supervision of firms operating across borders can only be effective when supervisors
are talking to each other. The legislation we administer and what we do in practice
in relation to cooperation and information exchange has been evaluated several
times over the last thirteen years. It is pleasing that the Financial Stability
Board also recognizes that Guernsey strongly adheres to the international standards
in these areas in relation to banking, insurance and securities supervision.”
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