The announcement that Jersey’s financial services regulator has signed a Memorandum of Understanding (MoU) with the French banking regulator is another valuable step in building our commercial relationship with France, says Geoff Cook, chief executive, Jersey Finance Limited.
Welcoming the latest agreement which is between the Jersey Financial Services Commission (JFSC) and the Autorite de Controle Prudentiel, the French banking regulator, Geoff Cook adds:
‘The Jersey authorities signed a Tax Information Exchange Agreement (TIEA) with France back in 2009 which was enacted in October last year so this latest agreement, which facilitates co-operation between the two regulatory bodies, further cements a growing understanding of Jersey’s Finance Industry at a regulatory level and highlights increasing co-operation between Jersey and France.’
The JFSC announced the signing of the MoU with the French banking regulator on Thursday (July 27). The Commission has signed more than 70 such MoUs with regulatory bodies around the world while the Jersey authorities have also signed 23 TIEAS including 10 with Member States within the EU.
Note to Editors: The purpose of such Memoranda of Understanding is to establish an agreed mechanism under which each party commits to use their statutory powers of cooperation to assist each other with such things as new licence applications for financial institutions operating across borders, investigations and general inquiries relevant to the fitness of licensed entities. Where MoUs are signed it is clearly an indication and acknowledgement that the standards of regulation and supervision of the signing regulators are mutually acceptable.
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