The Gibraltar Financial Services Commission (GFSC) has signed a memorandum of understanding (MoU) with the British Virgin Islands Financial Services Commission (BVI FSC) for the supervision of managers of alternative investment funds (AIFMs) on 13 July 2015.
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Through this MoU, the two commissions have expressed their willingness to work together in the interest of achieving their aims as regulators.
In addition, the regulators have agreed to support each other to ensure stakeholder and public protection and to bolster market and financial integrity.
The AIFMs will allow BVI regulated funds and Gibraltar regulated funds to do business in both jurisdictions.
The agreement also allows for the exchange of information between the two jurisdictions on issues related to the supervision and oversight of AIFMs, their delegates and depositaries that operate in both jurisdictions.
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By GlobalDataBVI FSC said that the deal outlines the scope of cooperation and how data will be exchanged between the regulators and details how requests for assistance will be executed, how the information can be used, confidentiality, further sharing of information and provisions for cross-border on-site visits.
Gibraltar FSC CEO Samantha Barrass said: "The signing of this MoU is significant for us. It serves to enhance our commitment to establish international relationships with other supervisory organisations, in order to support and strengthen our regulatory work."
