Page 8 - Annual Report 2019

05 ANNUAL REPORT 2019 A COMMITMENT TO INTERNATIONAL STANDARDS AND CO-OPERATION

The Group of International Finance The International Organization of The European Security and
Centre Supervisors (GIFCS) Securities Commissions (IOSCO) Markets Authority (ESMA)

This long-established group of financial services As the global standard-setter for the securities sector, IOSCO The ESMA is an independent European Union Authority that
supervisors has a core interest in promoting the adoption works with the G20 and the Financial Services Board (FSB) on contributes to safeguarding the stability of the European
of international regulatory standards in the banking, the global regulatory reform agenda. The Regulatory Authority Union’s financial system by enhancing the protection of
fiduciary and AML/CFT arena. The GIFCS promotes is an Associate Member of IOSCO. A Regulatory Authority investors and promoting stable and orderly financial markets.
compliance among its membership with the Basel Core staff member sits on one of eight committees advising the It achieves this by assessing risks to investors, markets
Principles and the FATF Recommendations. The GIFCS IOSCO Board, Committee 5 on Investment Management, and financial stability, completing a single rulebook for
is recognised as a leading authority on the regulation of and also chairs a sub-committee on leverage (C5 Leverage EU financial markets, promoting supervisory convergence
trust and company service providers, and the interface Sub-Committee), a task force required to establish technical and directly supervising credit rating agencies and trade
of these intermediaries with AML/CFT standards. The standards following the FSB recommendations to mitigate repositories. In 2018, the Regulatory Authority completed
group’s purposes are to contribute to global financial excessive leverage on funds. The Regulatory Authority is the signing of 22 memoranda of understanding (MoU) with
stability through the support and adoption of international a signatory to the IOSCO Multilateral Memorandum of securities regulators of the European Union. The MoUs were
regulatory standards and the promotion of best practice Understanding Concerning Consultation and Co-operation coordinated by ESMA, following its review of the QFC’s
where appropriate. The Regulatory Authority became a and the Exchange of Information (MMoU). The MMoU is legislative and supervisory framework and its approval
member of the GIFCS in December 2017. an international benchmark for cross-border co-operation of the Regulatory Authority as an MoU counterparty.
and provides regulators with important tools to combat
cross-border fraud and misconduct that can undermine
International Association of investor confidence and lead to weakened global markets. The Islamic Financial Services Board (IFSB)
Insurance Supervisors (IAIS) This international standard-setting body of regulatory and
The IAIS comprises insurance supervisors and regulators Memoranda of Understanding supervisory agencies focuses on ensuring the soundness
from more than 200 jurisdictions. Its mission is to promote and stability of the Islamic financial services industry.
effective and globally consistent supervision of the insurance Since its inception in 2005, the Regulatory Authority has The IFSB promotes the development of a prudent and
industry in order to develop and maintain fair, safe and entered into two multilateral agreements, 33 bilateral transparent Islamic financial services industry through
stable insurance markets for the benefit and protection of memoranda of understanding and 23 alternative investment introducing new, or adapting existing international
policyholders and to contribute to global financial stability. fund managers memoranda of understanding with a broad standards consistent with Sharî’ah principles, and
The Regulatory Authority is a member of the IAIS and range of international jurisdictions and international bodies, recommending them for adoption. The Regulatory Authority
actively participates in and supports its work. all as a means of furthering co-operation, sharing information is an Associate Member of the IFSB and throughout 2019
and advancing a commitment to the highest financial had an ongoing dialogue with the IFSB in developing
regulation standards. its regulatory proposals in respect of Islamic banks.