Memorandum of Understanding between the FSC and IOM Treasury - F.S.C

The Treasury and the Financial Supervision Commission have signed a Memorandum of Understanding. It sets out the framework for co-operation between the Treasury and the Commission. In particular, it establishes arrangements to ensure that the Commission is accountable to Treasury for its actions, and clarifies the circumstances in which liaison and dialogue can flow between both parties. The Memorandum is an integral part of the new regime coming into operation on 1 August with the Financial Services Act 2008.