The Jersey Financial Services Commission (JFSC) has signed a memorandum of understanding with the Financial Services Board in South Africa.
The agreement between the two regulators provides a framework for them to exchange confidential regulatory information, and to cooperate on the supervision and regulation of firms under their respective authorities.
The understanding serves to update and replace a similar agreement, signed in 2000.
John Harris, director general of the JFSC, said: “I am delighted to sign this memorandum of understanding with the Financial Services Board. With the provision of cross-border financial services between Jersey and South Africa expected to increase in the coming years, it is important that the JFSC and the FSB are in a position to co-operate closely.”
“This memorandum will assist in that regard as it provides a formal framework for the exchange of regulatory information and mutual assistance for the purpose of ensuring compliance by financial service businesses with both jurisdictions’ regulatory requirements.”
The JFSC has memorandums of understanding with regulators in more than 90 countries.
