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International Security Regulators To Visit Jersey

Mandy Robinson, Tax-news.com, London

03 October 2000

A working group from the International Organisation of Securities Commissions (IOSCO) is due to visit Jersey on 12 and 13 October. The purpose of the visit is to open up dialogue upon the future regulation of collective investment funds. Richard Pratt, director-general of the Jersey Financial Services Commission, has welcomed the the visit, saying it 'demonstrates the position that Jersey holds in the community of international regulators: people wouldn't come here if they didn't have confidence in us.'

Working under the umbrella group IOSCO is a series of working groups which concentrate on different areas. Jersey is a member of IOSCO’s Working Group No 5, which looks at collective investment funds.

Currently there are 135 member agencies in IOSCO and according to its mandate all members resolve to: 'ensure a better regulation of the markets, on the domestic as well as on the international level in order to maintain just and efficient securities markets; to exchange information on their respective experiences - in order to promote the development of domestic markets; to unite their efforts to establish standards and an effective surveillance of international securities transactions; to provide mutual assistance to ensure the integrity of the markets - by a rigorous application of the standards and by effective enforcement against offences.'

Richard Pratt said the visit was an "excellent opportunity" for the regulators to meet members of the Jersey finance industry, which will allow them to witness the 'range and sophistication of our business and the depth and quality of our regulation.'

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