PRESS RELEASE 14 October 2009
COMMISSION SIGNS STATEMENT OF CO‑OPERATION WITH US FINANCIAL REGULATORS
The Jersey Financial Services Commission (the “Commission”) recently entered into a Statement of Co-operation (“Statement”) with four United States financial regulators:
- Board of Governors of the Federal Reserve System;
- Office of the Comptroller of the Currency;
- Federal Deposit Insurance Corporation; and
- Office of Thrift Supervision.
The Statement was signed on behalf of the Commission by John Harris, Director General.
The Commission is responsible for the regulation and supervision of banking, collective investment funds, fund services business, insurance business, investment business, money services business and trust company business conducted in or from Jersey. The Director General is also the Registrar of Companies. Additionally, the Commission is the supervisory body for those sectors that are subject to regulatory oversight of their anti-money laundering and countering the financing of terrorism responsibilities, which includes: accountants; lawyers; estate agents; high value goods dealers; and non-profit organizations. The four US financial regulators, whilst all active in the field of financial supervision, have in addition a number of different responsibilities, of which those exercised by the Federal Reserve, as the Central Bank of the USA, will be the best known.
The signing of the Statement has formalised arrangements for ongoing co-operation and information sharing between the Commission and its US counterparts, recognising that the respective parties place reliance on the quality of regulatory standards administered in the other’s jurisdiction.
Mr Harris said: “I am delighted to sign this Statement of Co-operation with the four financial regulators in the USA. It is the latest in a number of such agreements established between the Commission and other regulators around the world and reflects the Commission’s commitment to cross-border regulatory co-operation.
In addition, the USA is the largest and most influential financial market in the world, and its current emerging proposals for reform of regulation in the US in response to the financial crisis are setting a large part of the agenda for global reform in the field of financial supervision and driving change. In addition to the operational benefits of closer co-operation, enhanced links with our US counterparts during the present period of change and reform can only be of benefit to a small but important centre like Jersey, which bases its approach to the provision of financial services on a strategy of meeting international regulatory standards and best practice. This approach is demonstrated by the results of the recently published International Monetary Fund (IMF) Financial Sector Assessment Programme (FSAP) review of Jersey and its ever increasing activity in cross-border regulatory co-operation which the latest agreement underpins.”
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For further information please contact: -
Mark Sumner - Director, Banking & Insurance
Tel: + 44 (0) 1534 822017
Fax: + 44 (0) 1534 822002