FSB Endorses Bermuda For Regulatory And Supervisory Standards

The Financial Stability Board (FSB) published its annual public statement in December 2013 to recognise the progress that jurisdictions evaluated by the FSB have made under its initiative to encourage the global adherence to regulatory and supervisory standards on international cooperation and information exchange in the areas of banking supervision, insurance supervision and securities regulation.

Bermuda was recognised as a jurisdiction demonstrating sufficiently strong adherence to the relevant standards (the highest level of adherence category). The FSB report highlights that cooperation and information exchange amongst financial supervisors and regulators are essential for effective oversight in an integrated financial system. Bermuda endorses this view, as evidenced by the 38 Tax Information Exchange Agreements (TIEAs) that it has signed to date.