PRESS RELEASE 6 MAY 2014
MEMORANDUM OF UNDERSTANDING WITH THE UNITED ARAB EMIRATES
At a ceremony in Dubai on 5 May 2014, the Jersey Financial Services Commission (the “Commission”) and the Emirates Securities and Commodities Authority (the “ESCA”) signed a Memorandum of Understanding (“MoU”) that establishes a framework for mutual assistance and the exchange of regulatory information.
The MoU was signed by the Director General of the Commission, Mr John Harris, and the Chief Executive Officer of ESCA,
His Excellency Abdullah Salim Al-Turifi.
John Harris said, “I am delighted to sign this Memorandum of Understanding with the Emirates Securities and Commodities Authority. With the provision of cross-border financial services between Jersey and the United Arab Emirates expected to increase in the coming years, it is important that the JFSC and the ESCA are in a position to co-operate closely. This Memorandum will assist in that regard as it establishes a formal framework for the exchange of regulatory information and mutual assistance for the purpose of ensuring compliance by financial service businesses with each jurisdiction’s regulatory requirements.”
The Commission has MoUs (either on a bilateral or multilateral basis) with regulators in over 90 countries.
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For further information please contact: -
|John Harris -
Jersey Financial Services Commission
Tel: + 44 (0) 1534 822028
Fax: + 44 (0) 1534 822002
- Notes to Editors -
The Commission is responsible for the regulation, supervision and development of the financial services industry in the Island of Jersey for banking, collective investment funds, fund services business, insurance business, general insurance mediation business, investment business, money service business, and trust and company service providers.
The Emirates Securities and Commodities Authority was established in 2000 to regulate the securities and commodities markets in the United Arab Emirates. Its primary role is to ensure the orderly development of a fair and efficient securities and commodities market in line with the economic and development objectives of the country. The main functions of ESCA include supervising and monitoring the activities of any exchange, clearing house and central depository, safeguarding the interests of the persons dealing in securities; promoting proper conduct amongst members of the exchanges and all registered persons; suggesting law reforms relating to securities or commodities contracts and encouraging the development of the securities markets in the United Arab Emirates.