PRESS RELEASE 15 May 2007

JERSEY FINANCIAL SERVICES COMMISSION SIGNS MEMORANDUM OF UNDERSTANDING WITH THE CENTRAL BANK OF CYPRUS

The Jersey Financial Services Commission (the “Jersey FSC”) and the Central Bank of Cyprus have signed a memorandum of understanding (“MoU”) that will aid co-operation between the two regulatory bodies.

The MoU defines a general framework of mutual regulatory co-operation and exchange of information, with a view to facilitating the consolidated supervision of cross-border establishments and ensuring the safe and sound functioning of banks in the two jurisdictions. Currently, one bank incorporated in Jersey operates in Cyprus in the form of a branch.

Both institutions pursue an active policy of signing MoUs in pursuit of furthering dialogue and co-operation between regulatory bodies. Such collaboration should help to protect investors and depositors and to promote the integrity of financial services markets in Jersey and elsewhere.

The MoU reflects a commitment on the part of both the Jersey FSC and the Central Bank of Cyprus to provide help within the limits of each jurisdiction’s laws and regulations. It also establishes procedures and liaison points in order that requests for information can be handled rapidly and efficiently.

John Harris, Director General of the Jersey FSC, said, “We very much welcome this development and look forward to developing a closer working relationship with the Central Bank of Cyprus. This is the latest in a number of such regulator to regulator agreements signed recently and reflects the Commission’s continuing commitment to developing cross border co-operation wherever it is relevant to do so.”

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For further information please contact: -

John Harris,
Director, International & Policy Division
Jersey Financial Services Commission

Tel: + 44 (0) 1534 822011
Fax: + 44 (0) 1534 822001
Email: j.harris@jerseyfsc.org