At a ceremony in Jersey on 16 July 2012, the Jersey Financial Services Commission (the “Commission”) and India’s banking regulator – the Reserve Bank of India – signed a Memorandum of Understanding (“MoU”) that will help facilitate co‑operation between the two regulatory bodies.

John Harris, Director General of the Commission, said, “I am delighted to sign this Memorandum of Understanding with the Reserve Bank of India. The global financial crisis has highlighted the need for close co-operation between regulators and this Memorandum will assist in that regard by establishing a formal framework for the exchange of regulatory information and mutual assistance in overseeing cross-border institutions.”

The Commission has MoUs (either on a bilateral or multilateral basis) with regulators in over 70 countries.