Jersey, US Regulators Sign Agreement

by Robert Lee, Tax-News.com, London

16 October 2009

Jersey’s regulator, the Financial Services Commission (JFSC), has signed a statement of cooperation with four United States' financial regulators.

The statement was signed by the JFSC’s Director General, John Harris, and formalizes existing arrangements for cooperation and information sharing between the respective agencies and Jersey.

Jersey's Chief Minister, Terry Le Sueur, said: “This agreement recognizes that the commission and its counterparts in the United States rely on the quality of each other’s regulatory standards. It is the latest in a number of such agreements between the commission and other regulators around the world, and reflects the cooperation that already exists between Jersey and the United States.”

“Jersey signed a Tax Information Exchange Agreement with the US in 2002, and earlier this year I received a letter from the US Treasury, setting out the importance the US Administration attaches to this transparency agreement,” he continued.

"In the letter, Mr Michael Mundaca, from the US Treasury Department, stated that the US Administration believes it is important to distinguish between those jurisdictions that are adopting international standards for information exchange and those that are not.”

“Close co-operation with the US regulators during the current period of change can only benefit an industry which prides itself on meeting international standards,” Le Sueur concluded.

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