A co-operation agreement has been signed between Jersey and Germany's Securities Regulatory organisation which will increase information flow and mutual assistance between the two jurisdictions. The agreement is a hailed as a significant regulatory breakthrough by Jersey as it is the first-ever offshore financial centre to secure an official Memorandum of Understanding (MoU) with the German Securities Regulator.
Signed by Richard Pratt, Director General of the Jersey Financial Services Commission (JFSC) and Georg Wittich, President of the Bundesaufsichtsamt Für Den Wertpapierhandel (BAWe), the MoU will ensure mutual help and exchange of information for investigating securities offences such as insider dealing, market manipulation and conducting financial business without a license.
Georg Wittich of the BAWe said: 'This is an important MoU which reinforces the assistance which BAWe and the JFSC are already providing to each other. We look forward to intensifying the level of co-operation now that this agreement is signed.'
According to the JFSC, the agreement commits both regulators to providing full assistance within the limits of the respective laws of the two countries, defining confidentiality constraints and setting up procedures and liaison points so that information requests can be handled speedily and efficiently. It also envisages exchange of information to help in the assessment of new applicants for business.
Richard Pratt of the Jersey Financial Services Commission commented: 'We are proud that Jersey is the first among the offshore financial centres to have been chosen by the BAWe as a partner in the fight against international crime. The willingness of our two countries to share information is already well proven by the cases where we are currently helping each other. But this MoU is important in formalising our commitment to such co-operation and in providing practical ways of making it more efficient.'
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