John Harris, Director General of the Jersey Financial Services Commission (JFSC) has announced that the Commission has entered into a Memorandum of Understanding (MoU) with the Office of the Superintendent of Financial Institutions Canada (OSFI).
The MoU establishes a formal framework for mutual assistance and the exchange of information between the two regulators to facilitate the enforcement of and compliance with the laws of their respective jurisdictions. Such collaboration will help to protect investors, policyholders and depositors and to promote the integrity of financial services markets in the two jurisdictions. The agreement commits both regulators to providing help within the limits of each jurisdiction’s laws and establishes rules for the use of information exchanged.
In a press statement, Mr. Harris said: *“We are delighted to add such an important jurisdiction to those with whom the Commission has formalised arrangements for co-operation and look forward to developing the relationship with Canada”*. Charles Johnston, Manager, Regulatory Liaison of the OSFI added: *“We are very pleased to have a formalized co-operation and information sharing framework in place with the Jersey Financial Services Commission that will facilitate the performance of our duties and will also promote the safe and sound functioning of financial institutions with cross-border establishments in our respective countries.”*
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 JFSC is responsible for the regulation and supervision of banking, collective investment funds, insurance business, investment business and trust company business in Jersey.
The Office of the Superintendent of Financial Institutions (OSFI) was created to contribute to public confidence in the Canadian financial system. In its Plans and Priorities 2007-2010, the OSFI identified the need to continue to develop and maintain working relationships with foreign regulators to optimize its supervisory efforts.