The Swiss Financial Market Supervisory Authority (FINMA) and the Jersey Financial Services Commission (JFSC) today announced the signing of a Memorandum of Understanding (MoU), as both watchdogs seek to enhance collaboration in the supervision of financial services firms.
In particular, the MoU stipulates that FINMA and JFSC will co-operate to facilitate the supervision of collective investment scheme asset managers based in Jersey, which provide their services in Switzerland through a Swiss branch.
The MoU also outlines a framework for the JFSC and FINMA to exchange confidential regulatory information and to co-operate with each other regarding the supervision and regulation of firms under their respective authority.
This MoU between the JFSC and FINMA is the first cooperation agreement of its kind to be signed under Article 18 of the Swiss Federal Act on Collective Investment Schemes.
John Harris, the Director General of the JFSC, commented:
“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 JFSC 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 JFSC has so far signed memoranda of understanding (either on a bilateral or multilateral basis) with regulators in more than 90 countries.
To view the official announcement on the MoU, click here.