FSB includes Cayman in list of compliant jurisdiction

The Financial Stability Board listed the Cayman Islands among 41 jurisdictions which demonstrated sufficiently strong adherence to internationally agreed upon information exchange and cooperation standards.  

The FSB – set up following the financial crisis to address vulnerabilities and develop and implement strong regulatory, supervisory and other policies to further financial stability – responded to a call by the G20 Leaders at their April 2009 Summit in London for the FSB to develop measures to promote prudential standards and cooperation between jurisdictions.  

The results of the evaluation based on IMF-World Bank assessment reports showed 41 of 61 jurisdictions were compliant or largely compliant with all, or all except one, of the relevant cooperation and information exchange standards in the areas of banking and insurance supervision and securities regulation. Eighteen other jurisdictions have committed to adhere to these standards in the future. 

The three key standards in the financial regulatory and supervisory area include the Basel Committee on Banking Supervision Core Principles for Effective Banking Supervision, the International Association of Insurance Supervisors Insurance Core Principles and the International Organisation of Securities Commissions Objectives and Principles of Securities Regulation. The FSB, in consultation with the BCBS, IAIS and IOSCO, identified, within each of these standards, principles concerning international cooperation and information exchange. 

The FSB focused primarily on FSB members and other jurisdictions of high financial importance, according to several economic and financial indicators.