They have also become the first offshore centre to sign an MOU with the United Arab Emirates (UAE) Central bank in Abu Dhabi. In addition two further MOUs were signed with the Bahrain Monetary Agency.
The five strong team from the Isle of Man 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 organised the whole event. The delegation demonstrates the ministerial and commercial commitment, relationship and value attached to the region and reinforces the Isle of Man as one of the world’s leading international business centres.
The ground breaking visit included Abu Dhabi, Bahrain and Dubai, where a total of five MOUs were signed. 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.
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 strong and long-lasting 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. This visit and the signing of the MOUs, demonstrates the value of the work of Isle of Man Finance and the Island’s financial services businesses currently operating in the region and reinforces the importance of building relationships with other countries.
John Aspden, commented, “Co-operation between regulators is the foundation of effective supervision. 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 said, “The Isle of Man’s insurance sector has a number of long-standing and mutually-beneficial links with the Middle East, and the IPA has developed a most helpful and 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.”
The Chief Minister, Mr Gelling expressed his delight with the success of the tour, “To be part of such a historic visit is very pleasing. 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. 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 briefing session following the Middle East visit will be held on the Isle of Man on the 18th March 2005. The session will be attended by key businesses on the Island and will discuss the further opportunities available in the Middle East for businesses in the Isle of Man following the signing of the MOUs. A visit to the Middle East with key businesses is expected to take place in the Autumn.
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