The Jersey Financial Services Commission and the French banking regulator, the Autorité de Contrôle Prudentiel (ACP) have signed a Memorandum of Understanding (MoU) that aims to facilitate co-operation between the two regulatory bodies.
The MoU provides a framework for the Commission and the ACP to exchange confidential regulatory information and co-operate with each other regarding the supervision and regulation of banking entities under their authority.
John Harris, Director General of the Commission, said, “I am delighted to sign this Memorandum of Understanding with the ACP, which operates under the authority of the French Republic’s central bank, the Banque de France.”
“With two of the largest French banks having significant operations in Jersey, this MoU will assist the Commission and the ACP to maintain close co-operation and dialogue with each other and contribute to effective cross-border supervision.”
The Jersey Financial Services Commission now has MoUs (either on a bilateral or multilateral basis) with regulators in over 70 countries.
.Tags: law | offshore | business | banking | offshore banking | international financial centres (IFC) | France | Jersey | regulation | France | Jersey
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