PRESS RELEASE 8 May 2012
MEMORANDUM OF UNDERSTANDING WITH THE GERMAN REGULATOR
At a ceremony in Bonn on 4 May 2012, the Jersey Financial Services Commission (the “Commission”) and the German banking, insurance and investment firms’ regulator, the Bundesanstalt für Finanzdienstleistungsaufsicht (the “BaFin”), signed a
Memorandum of Understanding (“MoU”).
The MoU provides a framework for the Commission and the BaFin to exchange confidential regulatory information and co-operate with each other regarding the supervision and regulation of entities under their respective authority. The MoU supersedes and updates MoUs that the Commission previously signed in 2000 and 2001 with BaFin’s two predecessor organisations.
John Harris, Director General of the Commission, said, “I am delighted to sign this Memorandum of Understanding,
which re-affirms the strong relationship that the Commission has with the BaFin.
This Memorandum of Understanding will further facilitate co-operation and dialogue between the Commission and the BaFin.
This will contribute to the protection of investors, the fostering of fair, efficient and transparent markets, and the maintenance of systemic stability.”
A copy of the MoU can be downloaded from the Commission’s Website by clicking here.
The Commission has MoUs (either on a bilateral or multilateral basis) with regulators in over 70 countries.
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For further information please contact: -
John Harris - Director General
Jersey Financial Services Commission
Tel: + 44 (0) 1534 822011
Fax: + 44 (0) 1534 822001
NOTES TO EDITORS
The Commission is responsible for the regulation, supervision and development of the financial services industry in the Island of Jersey for banking, collective investment funds, fund services business, insurance business, general insurance mediation business, investment business, money service business, and trust and company service providers.
The Bundesanstalt für Finanzdienstleistungsaufsicht (the “BaFin”) is the central body in Germany entrusted with the supervision of banks, insurance companies and investment firms. As an independent superior federal authority within the purview of the Federal Ministry of Finance, the BaFin forms a part of the direct federal administration. In exercising its functions, the BaFin closely co-operates with the Deutsche Bundesbank in carrying out the supervision of banks and investment firms.