Press Release - 31 March 2006
Regulatory Co-operation with the Qatar Central Bank
The Jersey Financial Services Commission (the “Commission”) and the Qatar Central Bank (the “QCB”) have signed a Memorandum of Understanding. This follows a recent meeting in Qatar between the Director General of the Commission and the Governor of the QCB.
The Memorandum of Understanding establishes a formal framework for mutual assistance and the exchange of information between each regulator to facilitate the enforcement of, and compliance with, the laws of their respective jurisdictions. Such collaboration will help to protect investors and depositors and to promote the integrity of financial services markets in the two jurisdictions.
The Memorandum of Understanding commits both regulators to providing help within the limits of each jurisdiction’s laws and establishes rules for the use of information exchanged.
David Carse, Director General of the Commission, said:
“This is another significant step in putting in place a series of Memoranda of Understanding between the Commission and overseas regulators. It is particularly important to be able to sign such agreements with jurisdictions such as Qatar that are of growing strategic importance to Jersey and where there are links with each other’s financial systems that create the need for supervisory cooperation”.
David Carse, Director General
Tel: + 44 (0) 1534 822011