Jersey FSC Signs MoU With Nederlandsche Bank

by Jason Gorringe, Tax-News.com, London

31 October 2006

The Jersey Financial Services Commission and de Nederlandsche Bank (dNB) have signed a memorandum of understanding that will further co-operation between the two regulatory bodies.

The MoU came into effect on 4 October 2006, the Financial Services Commission announced last week.

It establishes a formal framework for mutual assistance and the exchange of information between both regulators to facilitate the enforcement of, and compliance with, the laws of each jurisdiction. Such collaboration should help to protect investors and depositors and to promote the integrity of financial services markets in Jersey and the Netherlands.

The MOU commits both dNB 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 significant European jurisdiction with which Jersey has a number of business links. This is the latest in a number of such agreements signed this year and is further evidence of the Commission’s continuing commitment to developing cross border co-operation wherever it is relevant to do so.”

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