SEC Strengthens Cross-Border Oversight With Caymans, Europe

Harriet Davies Editor - Family Wealth Report 27 March 2012

SEC Strengthens Cross-Border Oversight With Caymans, Europe

The Securities and Exchange Commission has completed agreements with authorities in the Cayman Islands and Europe to strengthen supervision of companies operating across borders.

The regulator has signed memoranda of understanding with the Cayman Islands Monetary Authority and the European Securities and Markets Authority which will allow enhanced sharing of information about registered entities such as investment advisors, investment fund managers, broker-dealers, and credit rating agencies.

The MOUs also make it easier for the SEC and its counterparts to conduct on-site examinations of registered entities located abroad.

“Supervisory cooperation arrangements help the SEC build closer relationships with its counterparts to cooperate and consult on each other’s oversight activities in ways that may help prevent fraud in the long term or lessen the chances of future financial crises,” said Ethiopis Tafara, director of the SEC’s office of international affairs.

Register for WealthBriefing today

Gain access to regular and exclusive research on the global wealth management sector along with the opportunity to attend industry events such as exclusive invites to Breakfast Briefings and Summits in the major wealth management centres and industry leading awards programmes