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:

http://www.jerseyfsc.org/the_commission/international_co-operation/list-of-memoranda.asp

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