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.