Cabinet Approves Multilateral MoU Signed By IFSCA::
The Cabinet has approved a multilateral MoU signed between the International Financial Services Centres Authority (IFSCA), International Organization of Securities Commissions (IOSCO), and International Association of Insurance Supervisors (IAIS).
- In 2002 IOSCO adopted a multilateral memorandum of understanding (IOSCO MMoU) designed to facilitate crossborder enforcement and exchange of information among the international community of securities regulators.
- Then in 2005 IOSCO MMoU become the benchmark for international cooperation among securities regulators.
About IOSCO:
- Formed in 1983, it is an association of organizations that regulate the world’s securities and futures markets.
- Members are typically primary securities and/or futures regulators in a national jurisdiction or the main financial regulator from each country.]
- Headquarters: Madrid, Spain.
International Association of Insurance Supervisors (IAIS):
- It is a voluntary membership organization of insurance supervisors from over 190 jurisdictions, constituting 97% of the world’s insurance premiums.
- It is the international standards-setting body for the insurance sector.
- It was established in 1994 and operates as a verein, a type of non-profit organisation under Swiss Civil Law.
- The IAIS is hosted by the Bank for International Settlements (BIS).
