Jersey’s financial services regulator, the Jersey Financial Services Commission, has signed a memorandum of understanding with its Liechtenstein counterpart that is designed to enable the two bodies to work together on supervisory matters, exchange information, and to work together in the oversight of regulated firms in their jurisdictions.
The signing, pictured, took place on Thursday in Liechtenstein, the JFSC said in a statement.
It added that the MoU would help the JFSC and the Liechtenstein Financial Market Authority (FMA) to better maintain “the stability and security of the financial systems in each respective market”.
JFSC director general John Harris said that given the similarity and extent of issues and challenges in financial services that both Jersey and Liechtenstein currently face, and anticipate facing in the years ahead, it was “important that the JFSC and the FMA 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,” he added.
“We understand each other and we already work effectively together, so this agreement reinforces yet further an already excellent relationship.”
The JFSC currently has MoUs, either bilateral or multilateral, with regulators in more than 90 countries.
Pictured in the photograph, above, left to right: Urs Phillipp Roth-Cuony, FMA chairman; John Harris, JFSC director general; and Mario Gassner, FMA chief executive officer