Friday, July 27, 2007

Memorandum of Understanding Signed Between BVI FSC and Jersey FSC

BVI Financial Services Commission and Jersey Financial Services Commission have entered into the Memorandum of Understanding. The information on this document (MoU) is posted on the official page of BVI FSC.

The JFSC is a statutory body established under the Financial Services Commission (Jersey) Law in 1998 ,and its purposes and functions are very much alike to those of BVI FSC. General function of the JFSC is supervision of financial services providers and financial products provided in or from within Jersey. This includes the authorisation and supervision of collective investment schemes, and fund functionaries, licensing and supervision of banks, insurance companies, investment business and trust company business, general insurance mediation business. JFSC also incorporates the Registry of Companies.

The main purpose of signing the Memorandum by the BVI FSC and Jersey FSC is providing a formal basis for co-operation, including for the exchange of information and investigative assistance. According to the document, each Authority will provide assistance to the other one, subject to its laws and overall policy; the assistance may include providing information in the possession of the requested Authority, confirmation and exchange of information, discussing issues of mutual interest, obtaining specified information and documents, inspections or examinations of financial services providers, and other issues.

Both the BVI FSC and JFSC believe that mutual co-operation will enable them to perform their functions more effectively. Each request for assistance on the above-mentioned matters will be assessed by the requested Authority to determine whether this MoU allows for providing such assistance. The criteria which will be taken into account by the requested Authority when making the decision are stated in paragraph 9 of the Memorandum. Also, for any of the reasons mentioned in this paragraph, the assistance may be denied in whole or in part.

The Memorandum of Understanding was signed by Robert Mathavious, as managing director and CEO of BVI Financial Services Commission, and John Harris, as the General Director of JFSC.

No comments: