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| Jersey, SA Regulators Sign MoU |
by Amanda Banks, Tax-News.com, London
Friday, July 09, 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.
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