The MoU provides a framework for the JFSC and the FSB to exchange confidential regulatory information and co-operate with each other regarding the supervision and regulation of firms under their respective authority. The MoU supersedes and updates a previous MoU that the two regulators signed in May 2000.
John Harris, the Director General of the JFSC, commented:
“I am delighted to sign this Memorandum of Understanding with the Financial Services Board. With the provision of cross-border financial services between Jersey and South Africa expected to increase in the coming years, it is important that the JFSC and the FSB are in a position to co-operate closely. This Memorandum will assist in that regard as it provides a formal framework for the exchange of regulatory information and mutual assistance for the purpose of ensuring compliance by financial service businesses with both jurisdictions’ regulatory requirements.”
A copy of the MoU can be downloaded from the JFSC’s Website: http://www.jerseyfsc.org/the_commission/international_co-operation/list-of-memoranda.asp
The JFSC has MoUs (either on a bilateral or multilateral basis) with regulators in over 90 countries.