The Jersey Financial Services Commission (JFSC) and the South African financial services regulator, the Financial Services Board of the Republic of South Africa (FSB), have signed a Memorandum of Understanding (MoU).
The MoU provides a framework for the JFSC and the FSB to exchange confidential regulatory information and co-operate with each other regarding the supervision and regulation of firms under their respective authority.
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The MoU supersedes and updates a previous MoU that the two regulators signed in May 2000.
JFSC director general John Harris commented, "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."
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