The Jersey Financial Services Commission and the Irish Financial Services Regulatory Authority yesterday announced the signing of a Memorandum of Understanding (MoU). The MoU establishes a formal framework for mutual assistance and the exchange of information between each regulator to facilitate the enforcement of, and secure compliance with, the laws and regulations of each jurisdiction.
Umder the agreement, both regulators commit to providing help within the limits of each jurisdictions’ laws, and establishes procedures and liaison points so that requests for information needed for tackling financial regulatory offences can be handled rapidly and efficiently.
John Harris, Director General of the Commission, said: *“I am delighted to sign this Memorandum of Understanding with the Irish Financial Services Regulatory Authority. It is the latest in a number established between the Commission and other regulators around the world and reflects the Commission’s commitment to cross-border regulatory co-operation.”*
Last week Mr. Harris announced the signing of a similar agreement with the Office of the Superintendent of Financial Institutions (OSFI) in Canada.
The Jersey Financial Services Commission is a statutory body corporate, responsible to the States of Jersey, the Island’s legislature. There are nine Commissioners and they include practitioners from within the finance industry, users of the industry and representatives of the public interest.
The Irish Financial Services Regulatory Authority (Financial Regulator) was established on 1 May 2003. The Financial Regulator is a distinct component of the Central Bank and Financial Services Authority of Ireland, with clearly defined regulatory responsibilities for all financial services firms in Ireland.