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Press Release - 25 July 2003


A Memorandum of Understanding (MoU) signed in June between Jersey and Italy's Securities Regulatory organisation will increase information flow and mutual cooperation between the two jurisdictions on financial services regulatory issues.

The MoU, signed by Richard Pratt, Director General of the Jersey Financial Services Commission and Luigi Spaventa, Chairman of the Commissione Nazionale per le societa de la borsa (CONSOB), will ensure mutual help and information exchange for investigating securities offences such as insider dealing, market manipulation and conducting financial business without a license. It also deals with mutual assistance when dealing with licensing financial services businesses

The agreement commits both regulators to providing full assistance within the limits of the respective laws of the two countries, defining confidentiality constraints and setting up procedures and liaison points so that information requests can be handled speedily and efficiently. It also envisages exchange of information to help in the assessment of new applicants for business.

Richard Pratt of the Jersey Financial Services Commission said today: "This agreement reinforces the cooperation which already exists between CONSOB and the JFSC as partners in the fight to keep securities markets clean and fair. The willingness of our two countries to share information is already well proven. But this MoU is important in formalising our commitment to such co-operation and in providing practical ways of making it more efficient."

Notes to Editors

The MoU is the latest in a number of MoUs established between Jersey and other regulators. These include regulators in the UK, France, Germany, Netherlands, USA (Fed), Belgium, South Africa, Germany, Hong Kong, and Ireland.

For further information contact:

Richard Pratt
Director General
Jersey Financial Services Commission

Telephone: +44 (0) 1534 822011


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