As a reputable international financial centre with access to global markets, it is essential that the Island retains the confidence of its counterparties through the adoption and implementation of high regulatory standards. The Isle of Man Financial Services Authority (the ‘Authority’) therefore attaches great importance to making sure that its policies and procedures conform to internationally accepted best practice. These include relevant standards of bodies such as:
- Basel Committee on Banking Supervision - https://www.bis.org/bcbs/index.htm;
- Financial Action Task Force (‘FATF’) - https://www.fatf-gafi.org/;
- International Association of Insurance Supervisors (‘IAIS’) - https://www.iaisweb.org/;
- International Organisation of Pension Supervisors (‘IOPS’) - http://www.iopsweb.org/;
- International Organisation of Securities Commission (‘IOSCO’) - https://www.iosco.org/; and
- Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (‘MONEYVAL’) - https://www.coe.int/en/web/moneyval/
The Authority is a signatory to both the IAIS and the IOSCO Multilateral Memoranda of Understanding (“MMOUs”) in respect of cooperation and the exchange of information. The Authority is also a member of GIFCS (the Group of International Financial Centre Supervisors) and GIICS (Group of International Insurance Centre Supervisors). In addition, the Authority is a member of, and participates in, a number of supervisory colleges and liaises with supervisors globally about matters of common interest including prudential and systemic risk, solvency, liquidity and group crisis management plans. In 2020 the Island enacted bank recovery and resolution legislation.
The Authority also welcomes international scrutiny and actively participates in forums that conduct and encourage such reviews. More information on the Authority’s recent assessments, achievements, goals and strategy can be found on its website at https://www.iomfsa.im/publications, together with its annual reports since 2013/14.