Offshore Group of Collective Investment Scheme Supervisors was hosted by the Cayman Islands Monetary Authority on December 1.

Six jurisdictions, including Bermuda, were represented by attendance and a further four committed to future participation.

Deputy general manager Marcia Woolridge-Allwood attended the meeting on behalf of the Bermuda Monetary Authority (BMA) and said the launch was regarded highly successfully.

The group is open to regulators who have responsibility for the supervision of collective investment schemes or who have commitment to developing such supervision.

Its objectives include the facilitation of cooperation between supervisors of schemes and the establishment of common standards of regulation and supervision.

The BMA currently holds the chair of the group and the next meeting is to be held at the BMA offices on Burnaby Hill May 1, 1998. The Secretariat will initially be located at the Cayman Islands Monetary Authority.

British Virgin Islands mutual fund registrar, Mr. Kevin Mann, one of the co-founders of the group commented, "We are delighted with the positive start. It is hoped that the group will ultimately provide similar support to regulators to that provided by the Offshore Group of Banking Supervisors and the Cross Border Group of Insurance Supervisors.'' Ms Woolridge-Allwood noted: "The group's initiative fits in very well with IOSCO's (International Organisation of Securities Commissions) principles of ensuring that all segments of the securities industry are properly supervised.'' BUSINESS BUC