The Bahrain Monetary Agency (BMA) signed Wednesday cooperation agreements with the Isle of Man Financial Supervision Commission (IOMFSC) and the Isle of Man Insurance and Pensions Authority (IPA).
The agreements, signed in Bahrain, establish a general framework for mutual cooperation and assistance between the BMA and the IOMFSC and IPA. A memorandum of understanding (MoU) between the BMA and IOMFSC was signed by Mr. Waleed Abdulla Rashdan, Executive Director, Banking Operations, at the BMA and Mr. John Aspden, Chief Executive, IOMFSC.
A separate MoU between the BMA and IPA was signed by Mr. Rashdan and Mr. David Vick, Chief Executive, IPA. “We are pleased to sign these agreements with the Isle of Man authorities, with whom we have always had close working relationships,” said Mr. Rashdan. “In an era of globalisation and increasing complexity of financial services, cooperation among financial regulators has become critical.”
Mr. Aspden said, “Cooperation between regulators is a foundation of effective supervision and I am delighted that our excellent relationship with the BMA has been further reinforced by this agreement.” Mr. Vick said, “The Isle of Man’s insurance sector has a number of long-standing and mutually-beneficial links with Bahrain, and the IPA has developed a most helpful and constructive relationship with the BMA.
“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.” Under each agreement, the BMA and IOMFSC and IPA will consult with each other on an on-going basis to enhance regulatory co-operation and the effectiveness of their supervision.
The MoUs also provide a framework for regulatory cooperation through the exchange of information and 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 may arise from the application of differing regulatory practices.