The Isle of Man Government has signed Memorandums of Understanding with Dubai Financial Services Authority, and with the United Arab Emirates Central Bank in Abu Dhabi. In addition two further agreements were signed with the Bahrain Monetary Agency.
A spokesman says the agreements will allow the Isle of Man to “consult with the Middle East agencies on an on-going basis to enhance regulatory co-operation and to collaborate on international supervision between the regions.”
A five strong delegation from the Isle of Man visited the Middle East this month. It was led by the Chief Minister, Hon Donald Gelling CBE, CP, MLC; accompanied by John Aspden, Chief Executive of the Financial Supervision Commission (FSC), David Vick, Chief Executive of the Insurance and Pensions Authority (IPA), Head of Isle of Man Finance, Jane Dellar and Business Development Manager Andrew Smith, who organized the event.
They visited Abu Dhabi, Bahrain and Dubai to sign the five agreements. Under each agreement, the Middle East Agencies, the FSC and IPA will consult with each other on an on-going basis to enhance regulatory co-operation and to collaborate on international supervision between the regions.
“This breakthrough has paved the way for the private sector to build and strengthen new and existing business opportunities within the Middle East region,” explains a spokesman for the Isle of Man government. “The MOUs also provide a framework for regulatory cooperation through the exchange of information and mutual cooperation in the field of on-site examinations of entities, subject to regulation in both jurisdictions. Such cooperation will ensure more effective supervision, while avoiding potential duplication and possible conflicts that can arise from the application of differing regulatory practices.”
The spokesman says that relationships with key institutions in the Middle East were initiated by the Isle of Man Finance team over 15 years ago and visits to the region have continued regularly ever since.
“Co-operation between regulators is the foundation of effective supervision,” says John Apsden. “I am delighted that our excellent relationship with the Agencies and Banks in the Middle East has been strongly reinforced by these agreements.”
David Vick says the Isle of Man’s insurance sector has a number of long-standing and mutually-beneficial links with the Middle East, and that the IPA has developed a constructive relationship with regulators in the region. “We are delighted to acknowledge this formally through the signing of the Memorandum of Understanding and I look forward to developing our links further in the future,” he adds.
Chief Minister Gelling says he was pleased to be part of such a historic visit. “Not only is the Island the first to sign an MOU with Dubai, but also the first offshore centre to sign an agreement with the UAE Central Bank,” he says. “It is a great honour for the Isle of Man to have established such important links with the Middle East and further our long-standing business relationships. The mutual benefits of these agreements will continue to enhance these links for years to come.”
A visit to the Middle East with key businesses from the Isle of Man is expected to take place in the Autumn.