Jersey, Poland Sign MoU

by Robin Pilgrim, LawAndTax-News.com, London

16 November 2009

The Jersey Financial Services Commission (JFSC) and the Polish Financial Supervision Authority have signed a Memorandum of Understanding (MoU) that will further regulatory cooperation between the two bodies.

The purpose of an MoU is to establish an agreed mechanism under which the signatories commit to using their statutory powers of cooperation to assist each other.

John Harris, Director General of the JFSC, said: “I am delighted to sign this Memorandum of Understanding with the Polish Financial Supervision Authority. The global financial crisis has highlighted the need for close cooperation between regulators and this Memorandum will assist in that regard by establishing a formal framework for the exchange of regulatory information and the provision of investigative assistance. Such collaboration should help to protect investors and depositors and promote the integrity of financial services markets in Jersey and Poland.”

The JFSC has entered into MoUs on regulatory matters with a number of fellow regulatory authorities. These MoUs 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.

Currently the JFSC holds MoUs with regulators in Australia, Belgium, Bahrain, Bermuda, the British Virgin Islands, Canada, the Cayman Islands, China, Cyprus, France, Germany, Gibraltar, Hong Kong, Ireland, the Isle of Man, Italy, Malta, Mauritius, the Netherlands, Oman, Poland, Qatar, South Africa, the United Arab Emirates, the United Kingdom, and the US.

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