Jersey FSC To Cooperate With Cypriot Regulator

by Jason Gorringe, Tax-News.com, London

19 February 2007

The Jersey Financial Services Commission and the Cyprus Securities and Exchange Commission have signed a memorandum of understanding that will further co-operation between the two regulatory bodies.

The MoU 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 Cyprus.

The MoU commits both the Jersey FSC and the Cyprus SEC to provide help within the limits of each jurisdiction’s laws and regulations, and establishes procedures and liaison points so that requests for information can be handled rapidly and efficiently.

John Harris, Director General of the Jersey FSC, said:

“I am delighted that we have been able to conclude formal arrangements for sharing regulatory information with the Cyprus Securities and Exchange Commission. This is the latest in a number of such agreements signed recently and is further evidence of the Commission’s continuing commitment to developing cross border co-operation wherever it is relevant to do so.”

In 2006, the JFSC signed Memoranda of Understanding with the regulators in Dubai, Qatar and the Cayman Islands. These agreements have also formalised arrangements for cooperation and information sharing between the regulators. Jersey was also one of the first offshore jurisdictions to sign an MoU with the International Organisation of Securities Commissions (IOSCO), in a move designed to combat securities and derivatives violations.

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