JFSC Solidifies Cooperation With Belgian Regulator

by Ulrika Lomas, Tax-News.com, Brussels

08 December 2009

The Jersey Financial Services Commission (FSC) has signed a Memorandum of Understanding with Belgian regulator, the Banking, Finance and Insurance Commission, formally enhancing cooperation on regulatory matters.

The agreement commits both regulators to provide help within the limits of each jurisdiction’s laws and establishes procedures and liaison points so that requests for information needed for regulatory purposes can be handled rapidly and efficiently.

The Commission does not require a Memorandum of Understanding to be in place with an overseas regulatory authority before it will cooperate with or share information with that authority. The purpose of a Memorandum of Understanding is to establish an agreed mechanism under which the signatories commit to using their statutory powers of cooperation to assist each other. These Memoranda cover regulatory assistance to be given in the context of:

• New applications for licensing by financial institutions;
• Investigations into regulatory offences such as insider dealing; and
• General enquiries that are relevant to the fitness and properness of registered institutions.

John Harris, the FSC's Director General, said: “I am delighted to sign this Memorandum of Understanding … Regulators around the world are looking to build and maintain close cooperation and regular dialogue with each other. This agreement will assist in that regard; such collaboration should help to protect investors and depositors and promote the integrity of financial services markets in Jersey and Belgium.”

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