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Press Release - 3 December 2001

French And Jersey Securities Regulators Agree To Reinforce Co-Operation

Co-operation and information sharing between France and Jersey in financial regulation - including the fight against financial crime - will be stepped up following an agreement between the French and Jersey securities regulators (the Commission des Operations de Bourse and the Jersey Financial Services Commission), signed today (November 30).

The Memorandum of Understanding will increase information flow and mutual assistance between the two jurisdictions to help combat market abuse and other offences. In particular it will ensure mutual help and exchange of information for investigating securities offences - including insider dealing, market manipulation and conducting financial business without a license.

The official signing of the Memorandum took place in Paris today between Michel Prada, President of the Commission des Operations de Bourse and Richard Pratt, Director-General of the Jersey Financial Services Commission.

Richard Pratt said: "We enjoy excellent relations with the COB and have given practical help to each other in the past. This Memorandum not only symbolises our partnership with our French colleagues, but is highly significant in a practical sense - in formalising our commitment to co-operation and providing workable ways of making it more effective."

Michel Prada added: "I am glad to enhance, through the signature of the MOU, the co-operation between the COB and the JFSC. This MOU will reinforce the ability to identify end clients in the two market places"

The Memorandum of Understanding commits both regulators to providing help within the limits of the countries' laws, setting up procedures and liaison points so that requests for information needed for tackling financial regulatory offences can be handled rapidly and efficiently. It also envisages exchange of information to help in the assessment of new applications for business.

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