The Jersey Financial Services Commission (JFSC) represented by Director General, John Harris, yesterday signed a Memorandum of Understanding (MOU) with the Emirates Securities and Commodities Authority (ESCA). The agreement will further assist in the development of regulatory links between the Gulf and Jersey, and will strengthen Jersey’s ability to undertake business in the region. The MoU was signed by John Harris and the Chief Executive Officer of ESCA, His Excellency Abdullah Salim Al-Turifi.

John Harris said, “I am delighted to sign this Memorandum of Understanding with the Emirates Securities and Commodities Authority. With the provision of cross-border financial services between Jersey and the UAE expected to increase in the coming years, it is important that the JFSC and the ESCA are in a position to co-operate closely. This Memorandum will assist in that regard as it establishes a formal framework for the exchange of regulatory information and mutual assistance for the purpose of ensuring compliance by financial service businesses with each jurisdiction’s regulatory requirements.”

Jersey provides financial expertise to the UAE through services in Islamic finance, private wealth management and international banking. The relationship between Jersey and the UAE has grown over the last decade, with the UAE now being Jersey’s strongest international relationship globally, after the UK. 

During the visit Senator Gorst has met with a number of ministers, senior government officials and other key business introducers. Among those accompanying him on his four day visit, which involves a full itinerary in both Abu Dhabi and Dubai, are Joe Moynihan, Director of Financial Services at the States of Jersey, Mike King, Chief Executive Officer of the Economic Development Department at the States of Jersey, and Sean Costello, Head of Business Development for Jersey Finance in the GCC and India.

Senator Philip Ozouf, Treasury & Resources Minister at the States of Jersey and Richard Corrigan, Deputy CEO of Jersey Finance and representatives of nine Jersey Finance member firms will also visit Saudi Arabia where Jersey Finance is a sponsor of the Euromoney Saudi Arabia Conference, the longest established and biggest financial conference in Saudi Arabia, which is held over two days in Riyadh and attracts more than 1,200 delegates.

Richard Corrigan, Deputy Chief Executive, Jersey Finance Limited, who will be leading the Jersey Finance team at the Euromoney Saudi Arabia Conference, commented:

“For over 10 years Jersey’s senior ministers have been regularly visiting the Gulf and each visit significantly helps to strengthen and broaden Jersey’s relationships in the region, and contributes positively to our global business development strategy.

“This latest visit to the Gulf will provide an ideal platform for fostering closer ties at the highest level, whilst reinforcing our commitment to what is undoubtedly one of our most important overseas markets. With an office firmly established in Abu Dhabi since 2011 and plans to recruit a further representative in Dubai who will help spearhead Jersey’s business development across the wider Gulf region including Saudi Arabia, Jersey is gearing up its resources as part of a sustained commitment to the region.”