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PRESS RELEASE ARCHIVE

Jersey and the Cayman Islands extend regulatory co-operation through MOU - 11 September 2006

PRESS RELEASE 11 September 2006

The following release is issued jointly by the Jersey Financial Services Commission and the Cayman Islands Monetary Authority.

Jersey and the Cayman Islands extend regulatory co-operation through MOU

The Jersey Financial Services Commission (the “Commission”) and the Cayman Islands Monetary Authority (“CIMA”) have signed a memorandum of understanding (“MOU") that will further co-operation between the two regulatory bodies.

The MOU came into effect on 21 August 2006. It establishes a formal framework for mutual assistance and the exchange of information between the two regulators to facilitate the enforcement of, and compliance with, the laws of each jurisdiction. Such collaboration should help to protect investors and depositors and to promote the integrity of financial services markets in Jersey and the Cayman Islands.

The memorandum commits both CIMA and the Commission to provide help within the limits of each jurisdiction’s laws, and establishes procedures and liaison points so that requests for information needed for tackling financial regulatory offences can be handled rapidly and efficiently.

David Carse, Director General of the Commission, said: “I am delighted that we have been able to conclude formal arrangements for sharing regulatory information with a jurisdiction with which Jersey has many business links. This is in line with the Commission’s commitment to developing cross border co-operation wherever it is relevant to do so.”

Mrs Cindy Scotland, the Managing Director of CIMA, who signed on behalf of the Authority, commented: “This is one of a number of memoranda of understanding that the Cayman Islands Monetary Authority has successfully negotiated as part of its objective of enhancing co-operation with regulators around the world. We are confident it will serve to further the good relations existing between CIMA and the Commission.”

Jersey and the Cayman Islands extend regulatory co-operation through MOU

Background Note:

Existing Cayman Islands Monetary Authority agreements:

  • MOU with the Central Bank of Brazil
  • Undertaking for the Sharing of Information with the US Commodities Futures Trading Commission
  • MOU with the Isle of Man Financial Supervision Commission
  • MOU with the Bermuda Monetary Authority
  • Undertaking with the United States Securities and Exchange Commission
  • MOU with the Bank of Jamaica
  • MOU with the Superintendency of Banks, Republic of Panama
  • MOU with the Regional Authorities (signatories comprise the central banks of Barbados, the Bahamas, Belize, Jamaica and the Netherlands Antilles, and the financial services commissions of the British Virgin Islands and the Turks and Caicos Islands.)

These may be viewed by clicking here

Existing Jersey Financial Services Commission Agreements:

 

For further information, please contact:

Joan Scott-Campbell
Public Relations Executive
Cayman Islands Monetary Authority


Tel: (345) 244 1591
Fax: (345) 949-2532
Email: j.scott-campbell@cimoney.com.ky

Mark Sumner
Director, Banking
Jersey Financial Services Company

Telephone: + 44 1534 822117
Fax + 44 1534 822002
Email: m.sumner@jerseyfsc.org

 

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