The IOSCO MMOU and Regulatory Cooperation and Information Sharing Among Domestic Regulators in the Commonwealth Caribbean

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Sunday, December 1, 2013
Author: 
Annette C. Borel
Volume: 
29
Issue: 
12
Abstract: 
On January 10, and June 20, 2013 the Securities Commission of the Bahamas[2] and the Trinidad and Tobago Securities and Exchange Commission (TTSEC)[3] respectively, announced they had become full signatories to the International Organization of Securities Commissions (IOSCO) Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (MMOU).[4]  The Financial Services Commission of the British Virgin Islands and the Cayman Islands Monetary Authority are also signatories to the MMOU.[5]  Other countries in the Commonwealth Caribbean[6] are in the process of amending their laws to bring them into compliance with the IOSCO MMOU.  According to an IOSCO media release,[7] “the MMOU provides a mechanism through which securities regulators share with each other essential investigative material, such as beneficial ownership information, and securities and derivatives transaction records, including bank and brokerage records.”[8]  The MMOU sets out specific requirements “for the exchange of information, ensuring that no domestic banking secrecy, blocking laws or regulations prevent the provision of information amongst securities regulators, for effective securities enforcement purposes.”[9]