Regulatory cooperation with Jersey Financial Services Commission

The Financial Services Commission Mauritius and the Jersey Financial Services Commission have signed a Memorandum of Understanding effective from 26 December 2005.

The Memorandum of Understanding establishes a formal framework for mutual assistance and the exchange of information between each regulator to facilitate the enforcement of, and compliance with, the laws of each jurisdiction. Such collaboration should help to protect investors and depositors and to promote the integrity of financial services markets in the two jurisdictions.

The Memorandum of Understanding commits both regulators to providing help within the limits of each jurisdictions’ laws, and establishes procedures and liaison points so that requests for information needed for tackling financial regulatory offences can be handled rapidly and efficiently.

On this occasion, Milan Meetarbhan, Chief Executive of FSC Mauritius, said:

“Mauritius is keen to establish itself as a reputable International Financial Centre and in addition to our wide Double Taxation Treaty network which already provides for extensive exchange of information, we now have a number of agreements on exchange of information with regulators across the world. We are pleased to have an MOU with Jersey Financial Services Commission as this will further enhance the cooperation between our two jurisdictions.”

David Carse, Director General of the Jersey Financial Services Commission, said:

“I am delighted to sign this Memorandum of Understanding with FSC Mauritius.  It is the latest in a number established between the Commission and other regulators around the world and reflects the Commission’s commitment to cross-border regulatory co-operation.”

Financial Services Commission
Port Louis, Mauritius.

20 January 2006