PRESS RELEASE 11 September
2006
The following release is issued jointly by the Jersey
Financial Services Commission and the Cayman Islands Monetary
Authority.
Jersey and the Cayman Islands extend regulatory co-operation
through MOU
The Jersey Financial Services Commission (the “Commission”)
and the Cayman Islands Monetary Authority (“CIMA”)
have signed a memorandum of understanding (“MOU")
that will further co-operation between the two regulatory
bodies.
The MOU came into effect on 21 August 2006. It establishes
a formal framework for mutual assistance and the exchange
of information between the two regulators to facilitate the
enforcement of, and compliance with, the laws of each jurisdiction.
Such collaboration should help to protect investors and depositors
and to promote the integrity of financial services markets
in Jersey and the Cayman Islands.
The memorandum commits both CIMA and the Commission to provide
help within the limits of each jurisdiction’s laws,
and establishes procedures and liaison points so that requests
for information needed for tackling financial regulatory offences
can be handled rapidly and efficiently.
David Carse, Director General of the Commission, said: “I
am delighted that we have been able to conclude formal arrangements
for sharing regulatory information with a jurisdiction with
which Jersey has many business links. This is in line with
the Commission’s commitment to developing cross border
co-operation wherever it is relevant to do so.”
Mrs Cindy Scotland, the Managing Director of CIMA, who signed
on behalf of the Authority, commented: “This is one
of a number of memoranda of understanding that the Cayman
Islands Monetary Authority has successfully negotiated as
part of its objective of enhancing co-operation with regulators
around the world. We are confident it will serve to further
the good relations existing between CIMA and the Commission.”
Jersey and the Cayman Islands extend regulatory co-operation
through MOU
Background Note:
Existing Cayman Islands Monetary Authority agreements:
- MOU with the Central Bank of Brazil
- Undertaking for the Sharing of Information with the US
Commodities Futures Trading Commission
- MOU with the Isle of Man Financial Supervision Commission
- MOU with the Bermuda Monetary Authority
- Undertaking with the United States Securities and Exchange
Commission
- MOU with the Bank of Jamaica
- MOU with the Superintendency of Banks, Republic of Panama
- MOU with the Regional Authorities (signatories comprise
the central banks of Barbados, the Bahamas, Belize, Jamaica
and the Netherlands Antilles, and the financial services
commissions of the British Virgin Islands and the Turks
and Caicos Islands.)
These may be viewed by clicking
here
Existing Jersey Financial Services Commission Agreements:
For further information, please contact:
Joan Scott-Campbell
Public Relations Executive
Cayman Islands Monetary Authority
Tel: (345) 244 1591
Fax: (345) 949-2532
Email: j.scott-campbell@cimoney.com.ky
Mark Sumner
Director, Banking
Jersey Financial Services Company
Telephone: + 44 1534 822117
Fax + 44 1534 822002
Email: m.sumner@jerseyfsc.org
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