PRESS RELEASE 6 August 2007
Commission signs MOU with BVI Financial Services Commission
The Jersey Financial Services Commission (the “Jersey FSC”) and the British Virgin Islands Financial Services Commission (the “BVI FSC”) have signed a memorandum of understanding (“MOU”) that will further co-operation between the two regulatory bodies.
The MOU establishes a formal basis for co-operation, including the exchange of information and investigative assistance. Such collaboration should help to protect investors and depositors and to promote the integrity of financial services markets in Jersey and the British Virgin Islands.
John Harris, Director General of the Jersey FSC, said, “I am delighted that we have been able to conclude formal arrangements for sharing regulatory information with the British Virgin Islands Financial Services Commission. A number of finance industry firms have a presence in both jurisdictions and this Memorandum of Understanding will ensure that where regulatory information needs to be exchanged it can be done in a rapid and efficient manner.”
Robert Mathavious, Managing Director and Chief Executive Officer of the BVI FSC, said, “As leading international finance centres, Jersey and the BVI have cooperated formally and informally on regulatory matters over a number of years. I am delighted that this Memorandum of Understanding will enable us to work more closely together to the benefit of both of our regulatory regimes. For the BVI FSC, the Memorandum is a further sign of our commitment towards effective international cooperation that builds our capacity as a world-class jurisdiction.
“The business communities in the BVI and Jersey already work closely together in many ways. The Memorandum of Understanding will provide them with further assurance of being able to rely on high quality regulation in both jurisdictions.”
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For further information please contact: -
Jersey Financial Services Commission
Tel: + 44 (0) 1534 822011
Fax: + 44 (0) 1534 822001