Jersey And Cayman Islands To Cooperate In Regulatory Matters

by Jason Gorringe, Tax-News.com, London

22 September 2006

The Jersey Financial Services Commission and the Cayman Islands Monetary Authority have signed a memorandum of understanding that will further co-operation between the two regulatory bodies.

The MOU came into effect on 21 August 2006. It establishes a formal framework for mutual assistance and the exchange of information between the two regulators to facilitate the enforcement of, and compliance with, the laws of each jurisdiction. Such collaboration aims to protect investors and depositors and promote the integrity of financial services markets in Jersey and the Cayman Islands.

The memorandum commits both CIMA and the Commission to provide help within the limits of each jurisdiction’s laws, and establishes procedures and liaison points so that requests for information needed for tackling financial regulatory offences can be handled rapidly and efficiently.

David Carse, Director General of the Commission, commented: “I am delighted that we have been able to conclude formal arrangements for sharing regulatory information with a jurisdiction with which Jersey has many business links. This is in line with the Commission’s commitment to developing cross border co-operation wherever it is relevant to do so.”

Mrs Cindy Scotland, the Managing Director of CIMA, who signed on behalf of the Authority, added: “This is one of a number of memoranda of understanding that the Cayman Islands Monetary Authority has successfully negotiated as part of its objective of enhancing co-operation with regulators around the world. We are confident it will serve to further the good relations existing between CIMA and the Commission.”

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