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JFSC Signs Cooperation Agreement With Canadian Regulator

by Jason Gorringe,, London

24 April 2007

The Jersey Financial Services Commission (JFSC) has recently entered into a Memorandum of Understanding (MoU) with the Office of the Superintendent of Financial Institutions Canada (OSFI).

The MoU establishes a formal framework for mutual assistance and the exchange of information between the two regulators to facilitate the enforcement of, and compliance with, the laws of their respective jurisdictions. Such collaboration is designed help to protect investors, policyholders and depositors and to promote the integrity of financial services markets in the two jurisdictions.

The MoU commits both regulators to providing help within the limits of each jurisdiction’s laws and establishes rules for the use of information exchanged.

The JFSC is responsible for the regulation and supervision of banking, collective investment funds, insurance business, investment business and trust company business in Jersey. OSFI is responsible for regulating and supervising all federally chartered, licensed or registered banks, insurance, trust and loan companies, cooperative credit associations, fraternal benefit societies and private pension plans in Canada.

Commenting, John Harris, Director General of the JFSC, said:

“We are delighted to add such an important jurisdiction to those with whom the Commission has formalised arrangements for co-operation and look forward to developing the relationship with Canada."

Charles Johnston, Manager, Regulatory Liaison of the OSFI added:

“We are very pleased to have a formalized co-operation and information sharing framework in place with the Jersey Financial Services Commission that will facilitate the performance of our duties and will also promote the safe and sound functioning of financial institutions with cross-border establishments in our respective countries.”

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