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Press Release - 21 November 2005

Regulatory Co-operation with Malta Financial Services Authority

The Jersey Financial Services Commission (the “Commission”) and the Malta
Financial Services Authority (the “MFSA”) have signed a Memorandum of
Understanding, which provides specifically for the exchange of information
between the two financial services regulators.

The Memorandum of Understanding constitutes a statement of intent by the
regulators to create a formal framework for regulatory collaboration,
investigative assistance and co-operation. Such collaboration should 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 jurisdictions’ laws, and setting up procedures and
liaison points so that requests for information needed for tackling financial
regulatory offences can be handled rapidly and efficiently. The agreement also
provides an environment for the development of additional business between the
two jurisdictions.

David Carse, Director General of the Commission, said:

“I am delighted to sign this Memorandum of Understanding with the MFSA. It
is the latest in a number established between the Commission and regulators in
the European Union.”

Joe Bannister, Chairman of the MFSA, said:

“This is part of our process to increase collaboration with recognised finance
centres. There is extensive collaboration between practitioners in Malta and
Jersey, and this Memorandum of Understanding will further enhance business
between the two finance centres.”

- Ends -

For further information please contact: -

David Carse, Director General
Jersey Financial Services Commission

Tel: + 44 (0) 1534 822011
Fax:+ 44 (0) 1534 822001


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