Jersey’s Chief Minister has welcomed the signing of a Statement of Co-operation between the Jersey Financial Services Commission and four United States financial regulators. The JFSC’s Director General, John Harris, signed the statement to formalise existing arrangements for cooperation and information sharing, between the Commission and its US counterparts.

The Chief Minister, Senator Terry Le Sueur said: “This agreement recognises that the Commission and their counterparts in the United States rely on the quality of each other’s regulatory standards. It is the latest in a number of such agreements between the Commission and other regulators around the world, and reflects the cooperation that already exists between Jersey and the United States.

“Jersey signed a Tax Information Exchange Agreement with the US in 2002, and earlier this year I received a letter from the US Treasury, setting out the importance the US Administration attaches to this transparency agreement. In the letter, Mr Michael Mundaca, from the US Treasury Department, stated that the US Administration believes it is important to distinguish between those jurisdictions that are adopting international standards for information exchange and those that are not.

“Close cooperation with the US regulators during the current period of change can only benefit an industry which prides itself on meeting international standards.”

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Notes to Editors:
1. For further information, please contact Senator Terry Le Sueur on 01534 440585

The four US financial regulators who have entered into this Statement of Co-operation are:

• Board of Governors of the Federal Reserve System
• Office of the Comptroller of the Currency
• Federal Deposit Insurance Corporation
• Office of Thrift Supervision