PRESS RELEASE 15 May
JERSEY FINANCIAL SERVICES COMMISSION SIGNS MEMORANDUM
OF UNDERSTANDING WITH THE CENTRAL BANK OF CYPRUS
The Jersey Financial Services Commission (the “Jersey
FSC”) and the Central Bank of Cyprus have signed
a memorandum of understanding (“MoU”)
that will aid co-operation between the two regulatory bodies.
The MoU defines a general framework of mutual regulatory
co-operation and exchange of information, with a view to facilitating
the consolidated supervision of cross-border establishments
and ensuring the safe and sound functioning of banks in the
two jurisdictions. Currently, one bank incorporated in Jersey
operates in Cyprus in the form of a branch.
Both institutions pursue an active policy of signing MoUs
in pursuit of furthering dialogue and co-operation between
regulatory bodies. Such collaboration should help to protect
investors and depositors and to promote the integrity of financial
services markets in Jersey and elsewhere.
The MoU reflects a commitment on the part of both the Jersey
FSC and the Central Bank of Cyprus to provide help within
the limits of each jurisdiction’s laws and regulations.
It also establishes procedures and liaison points in order
that requests for information can be handled rapidly and efficiently.
John Harris, Director General of the Jersey FSC, said, “We
very much welcome this development and look forward to developing
a closer working relationship with the Central Bank of Cyprus.
This is the latest in a number of such regulator to regulator
agreements signed recently and reflects the Commission’s
continuing commitment to developing cross border co-operation
wherever it is relevant to do so.”
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For further information please contact: -
Jersey Financial Services Commission
Tel: + 44 (0) 1534 822011
Fax: + 44 (0) 1534 822001