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Jersey Signs Memorandum Of Understanding With Switzerland

by Jason Gorringe, Lowtax.net, London
27 August, 2015

The Jersey Financial Services Commission and the Swiss Financial Market Supervisory Authority have signed a Memorandum of Understanding to cooperate on supervising collective investment scheme asset managers.

The MoU provides a framework for the FSC and FINMA to exchange confidential regulatory information and co-operate with each other regarding the supervision and regulation of firms under their respective authority. The MoU in particular targets collective investment scheme asset managers based in Jersey who provide their services in Switzerland through a Swiss branch

This MoU between the JFSC and FINMA is the first cooperation agreement of its kind to be signed under the Swiss Federal Act on Collective Investment Schemes.

John Harris, Director General of the FSC, said: "I am delighted to sign this Memorandum of Understanding with the Swiss Financial Market Supervisory Authority. With the provision of cross-border financial services between Jersey and Switzerland, it is important that the FSC and the FINMA are in a position to co-operate closely. This Memorandum will ensure that there is efficient cooperation between the supervisory authorities and effective monitoring in their respective countries, whilst, subsequently enhancing cross-border investor protection."

The FSC has MoUs (either on a bilateral or multilateral basis) with regulators in over 90 countries, after last week signing a new MoU with Denmark.

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