PRESS RELEASE 24 August 2015
JERSEY SIGNS MEMORANDUM OF UNDERSTANDING WITH SWITZERLAND
The Jersey Financial Services Commission (JFSC) and the Swiss Financial Market Supervisory Authority (FINMA) have signed a Memorandum of Understanding (MoU) to facilitate co-operation in the supervision of collective investment scheme asset managers based in Jersey who provide their services in Switzerland through a Swiss branch.
The MoU provides a framework for the JFSC and FINMA to exchange confidential regulatory information and co-operate with each other regarding the supervision and regulation of firms under their respective authority.
This MoU between the JFSC and FINMA is the first cooperation agreement of its kind to be signed under Swiss legislation (Article 18 of the Swiss Federal Act on Collective Investment Schemes).
John Harris, the Director General of the JFSC, commented:
“I am delighted to sign this Memorandum of Understanding with the Swiss Financial Market Supervisory Authority. With the provision of cross-border financial services between Jersey and Switzerland, it is important that the JFSC and the FINMA are in a position to co-operate closely. This Memorandum will ensure that there is efficient cooperation between the supervisory authorities and effective monitoring in their respective countries, whilst, subsequently enhancing cross-border investor protection.”
The JFSC has MoUs (either on a bilateral or multilateral basis) with regulators in over 90 countries.
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For further enquiries, please contact:
Head of Communications
Jersey Financial Services Commission
Tel: + 44 (0) 1534 822166
Notes to Editors:
Under Article 18, paragraph 1 of the Swiss Federal Act on Collective Investment Schemes (CISA), a Swiss branch of a foreign asset manager of collective investment schemes can apply for FINMA authorisation to manage such schemes. A prerequisite for an application is that a cooperation and information exchange agreement is in place between FINMA and the relevant foreign supervisory authority (Art. 18 para. 1 of CISA).
The purpose of such an agreement is to ensure that there is efficient cooperation between the supervisory authorities and effective monitoring of the asset manager or the branch in their respective countries. This allows the sharing of relevant information required by the supervisory authorities to grant authorisation to the asset manager or its branches concerned and to supervise them under the laws of their respective countries, subsequently enhancing cross-border investor protection.