The Guernsey Financial Services Commission (“GFSC”) and the Central Bank of Cyprus, expressing their mutual interest and willingness in promoting further the bilateral ties in the domain of supervision of credit institutions, have recently concluded a Memorandum of Understanding.

The Memorandum of Understanding has been signed on behalf of the GFSC, by its Director General, Mr. Nik van Leuven and, on behalf of the Central Bank of Cyprus, by its Governor, Mr. Athanasios Orphanides.

The Memorandum of Understanding defines a general framework of mutual cooperation and exchange of information between the two supervisory authorities, for the purpose of facilitating the performance of their supervisory function as well as for the effective supervision and regulation of credit institutions with cross border presence, in accordance with the respective national laws and regulations.