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Jersey, SA Regulators Sign MoU

by Amanda Banks, Tax-News.com, London

09 July 2010


The Jersey Financial Services Commission (JFSC) and the Bank Supervision Department of the South African Reserve Bank (SARB) have signed a Memorandum of Understanding that will help facilitate co-operation between the two regulatory bodies.

The MoU provides a framework for the JFSC and the SARB to exchange confidential information and co-operate with each other regarding the supervision and regulation of banking entities under their authority.

John Harris, Director General of the Commission, said: “I am delighted to sign this Memorandum of Understanding with the South African Reserve Bank. A number of South African banks already have a presence in Jersey and this Memorandum will assist the Commission and the South African Reserve Bank to maintain close co-operation and dialogue with each other. Such collaboration should help to protect depositors and promote the integrity of financial services markets in Jersey and South Africa.”

The MoU is the second such agreement signed with a South African regulator and with the African continent. The Commission signed its first MoU with the Financial Services Board of South Africa in May 2000.

TAGS: South Africa | business | law | banking | financial services | international financial centres (IFC) | Jersey | offshore | agreements | memorandum of understanding (MOU) | regulation | services | Africa

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