Iceland Financial Supervisory Authority and BVIFSC - Memorandum of Understanding (12 February 2010)

Summary

This is a bilateral Memorandum of Understanding between the Financial Supervisory Authority of Iceland (Fjarmalaeftirlitid) and the BVI Financial Services Commission, establishing a framework for cooperation and confidential exchange of information between the two regulators in fulfilling their respective securities regulatory mandates. It explicitly states that it does not create legally binding obligations, confer rights on any person, or override domestic law.

• Confidentiality: Each Authority must keep requests, their contents, and related consultations confidential, and generally may not disclose non-public information received, subject to limited exceptions.
• Permissible use: Information obtained under the MOU may be used only for civil, administrative or criminal enforcement or investigations related to violations of laws the Requesting Authority administers; other uses require the Requested Authority's consent.
• Requests for assistance: Requests should be made in writing to the Director of Enforcement of the Requested Authority and specify the information sought, the purpose, and the desired reply timeframe.
• Termination: Either Authority may terminate cooperation on 30 days' written notice, though pending requests continue to be handled and confidentiality obligations survive termination.
• Cost sharing: If a request may involve substantial costs, the Authorities must consult and agree a cost sharing arrangement before the Requested Authority responds.

As a regulator to regulator cooperation arrangement, this document does not impose direct compliance obligations on market participants or licensees in the BVI.

Deadlines

• 30 days after notice of termination: Cooperation continues for 30 days following either Authority's written notice of intent to terminate the MOU.