PRESS RELEASE 21 MARCH 2014
MEMORANDUM OF UNDERSTANDING WITH THE SWISS REGULATOR
The Jersey Financial Services Commission (the “Commission”) and The Swiss Financial Market Supervisory Authority (“FINMA”) have recently signed a Memorandum of Understanding (“MoU”) that will help facilitate co‑operation between the two regulatory bodies. The MoU covers mutual assistance in the supervision of investment funds.
John Harris, Director General of the Commission, said, “I am delighted to sign this Memorandum of Understanding with FINMA. The global financial crisis and the increased international work between our two jurisdictions have highlighted the need for further close co-operation between our two regulators and this Memorandum will assist in that regard by further developing the framework for the exchange of regulatory information and mutual assistance in overseeing cross-border institutions.”
The Commission has MoUs (either on a bilateral or multilateral basis) with regulators in over 90 countries.
- Ends -
For further information please contact: -
|John Harris - Director General
Jersey Financial Services Commission
Tel: + 44 (0) 1534 822028
Fax: + 44 (0) 1534 822002
- Notes to Editors -
The Commission is responsible for the regulation, supervision and development of the financial services industry in the Island of Jersey for banking, collective investment funds, fund services business, insurance business, general insurance mediation business, investment business, money service business, and trust and company service providers.
FINMA is responsible for implementing the (Swiss Federal) Financial Market Supervision Act and financial market legislation. FINMA has statutory authority over banks, insurance companies, stock exchanges, securities dealers, collective investment schemes, distribution and insurance intermediaries.