Press Release - 23 October 2003
Jersey joins leaders in signing multilateral Memorandum of Understanding
Jersey announced today, 23 October 2003, that it has signed a multilateral Memorandum of Understanding with the International Organisation of Securities Commissions (IOSCO). The Memorandum, originally endorsed by IOSCO at its 2002 conference in Istanbul, sets a new international benchmark for co-operation on combating securities and derivatives violations.
Jersey is among the first financial centres - including the G7 - to be a signatory to the Memorandum, which commits the Island to sharing a wide range of information about illegal use of the securities and derivatives markets with securities regulators in other countries. The names of the first 24 IOSCO members to sign up to the MoU were released at IOSCO's October 2003 conference in Seoul, South Korea.
IOSCO promotes market integrity through rigorous application of agreed standards and effective enforcement against offences. With members drawn from over 100 countries, the organisation initiated the Memorandum of Understanding (MoU) following the atrocities of 9/11. Its aim is to put in place efficient and effective arrangements for information-sharing to address illegal use of the securities and derivatives markets - including market manipulation, abuse and fraud.
Before signing the MoU, Jersey had to satisfy IOSCO that it has the necessary laws, powers and practices for the Jersey Financial Services Commission to effectively co-operate on investigations.
John Pallot, Compliance Director of the Jersey Financial Services Commission, said: "By signing this Memorandum with IOSCO, Jersey reinforces its status as a leading international financial centre and gives international investors greater confidence in the Island.
"As a member of the special task force that drew up the terms of the MoU, Jersey has shown that is among the leading jurisdictions when it comes to fighting financial crime and the financing of terrorism - in this instance by helping to combat abuse of the international markets."
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