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Press Release - 30 May 2002

CFTC, SEC and Jersey Financial Services Commission sign MOU Information Sharing Arrangement

The MOU Establishes a Framework for Information Sharing and Cooperation in Cross-Border Investigations of Potential Violations of Futures and Securities Laws

WASHINGTON, D.C. and JERSEY -- The U.S. Commodity Futures Trading Commission (CFTC), the U.S. Securities and Exchange Commission (SEC), and the Jersey Financial Services Commission (FSC) jointly announced the signing of a Memorandum of Understanding (MOU) Concerning Cooperation, Consultation and the Exchange of Information. The MOU establishes a framework for information sharing and facilitates cooperation in cross-border investigations of potential violations of futures and securities laws.

CFTC Chairman James E. Newsome, SEC Chairman Harvey L. Pitt, and FSC Director General Richard Pratt signed the MOU on behalf of their respective organizations.

CFTC Chairman Newsome said, "We are pleased to sign the MOU today with the Jersey FSC. Jersey has long been an active financial center for international business and this MOU recognizes the progress Jersey has made in combating financial fraud and meeting international financial standards for cooperation. The MOU will be an important tool in continuing to safeguard market integrity and protect consumers in the global marketplace."

SEC Chairman Pitt said, "The SEC has in the past received substantial cooperation from the Jersey authorities. The new legislation adopted in Jersey significantly expands the Jersey Financial Services Commission's ability to obtain information and to share that information with foreign authorities. The MOU, coupled with the new legislation, strengthens our relationship with the Jersey FSC and enhances our efforts to enforce domestic laws in a cross border environment."

FSC Director General Richard Pratt said, "Jersey has extensive powers of co-operation in regulatory matters and has shown that it is willing and able to use them. This MOU is a demonstration of mutual confidence between the US regulators and the Jersey FSC together with a determination to work together to protect investors and to secure clean and transparent markets that are free from abuse."

The MOU reflects the strong commitment of each authority to combat cross-border fraud by providing cooperative assistance in commodity futures and securities matters under the laws of the United States and Jersey.


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