PRESS RELEASE 19 April
2007
Regulatory Co-operation with the Office of the Superintendent
of Financial Institutions of Canada
The Jersey Financial Services Commission (“JFSC”)
has recently entered into a Memorandum of Understanding (“MoU”)
with the Office of the Superintendent of Financial Institutions
Canada (“OSFI”).
The JFSC is responsible for the regulation and supervision
of banking, collective investment funds, insurance business,
investment business and trust company business in Jersey.
OSFI is responsible for regulating and supervising all federally
chartered, licensed or registered banks, insurance, trust
and loan companies, cooperative credit associations, fraternal
benefit societies and private pension plans in Canada.
The MoU 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 their respective jurisdictions. Such collaboration
will help to protect investors, policyholders and depositors
and to promote the integrity of financial services markets
in the two jurisdictions.
The MoU commits both regulators to providing help within
the limits of each jurisdiction’s laws and establishes
rules for the use of information exchanged.
John Harris, Director General of the JFSC, said:
“We are delighted to add such an important jurisdiction
to those with whom the Commission has formalised arrangements
for co-operation and look forward to developing the relationship
with Canada”.
Charles Johnston, Manager, Regulatory Liaison of the OSFI
said:
“We are very pleased to have a formalized co-operation
and information sharing framework in place with the Jersey
Financial Services Commission that will facilitate the performance
of our duties and will also promote the safe and sound functioning
of financial institutions with cross-border establishments
in our respective countries.”
- Ends -
For further information please contact: -
Mark Sumner
Director, Banking
Jersey Financial Services Commission
Tel: + 44 (0) 1534 822117
Fax: + 44 (0) 1534 822002
Email: m.sumner@jerseyfsc.org
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