MOU Concluded Between BVI FSC and Iceland's Financial Authority

On 31 March, 2010, the Commission published Memorandum of Understanding between the British Virgin Islands and Iceland financial authorities, which was signed in February 2010 and established a framework for the Financial Supervisory Authority of Iceland and the Financial Services Commission of the BVI to co-operate with each other for the confidential exchange of information.

The MOU between the BVI and Iceland is a statement of intent to consult, co-operate, and exchange information in connection with the functions of regulatory authorities of both countries. Each authority will keep confidential requests made under this MOU, including consultations between the authorities, and neither authority will disclose non-public documents and information received under this document. The only exception are the cases when non-public information is needed for conducting investigations on criminal or administrative matters. The document also provides information about the order how to execute requests for assistance, what they should specify and to whom be addressed.

The Memorandum was signed by Gunnar Andersen, the Director General of the Financial Supervisory Authority of Iceland, and Robert Mathavious, the director and CEO of the BVI FSC.