ESCA, Jersey Financial Services Commission sign MoU

The Emirates Securities and Commodities Authority (ESCA) has signed a Memorandum of Understanding (MoU) with the Jersey Financial Services Commission (Commission) to establish a framework for mutual assistance and the exchange of regulatory information.

The MoU was signed by the Director General of the Commission, John Harris, and the Chief Executive Officer of ESCA, Abdullah Salim Al Turifi. The MoU was signed on the sideline of the visit of Chief Minister of Jersey, Senator Ian Gorst and his accompanying delegation to the UAE.

John Harris said, "With the provision of cross-border financial services between Jersey and the UAE expected to increase in the coming years, it is important that the Commission and the ESCA are in a position to co-operate closely. This MoU will assist in that regard as it establishes a formal framework for the exchange of regulatory information and mutual assistance for the purpose of ensuring compliance by financial service businesses with each jurisdiction’s regulatory requirements."

For his part, Richard Corrigan, Deputy Chief Executive of Jersey Finance Limited, said the opening of representative office in Abu Dhabi in 2011 and a plan to open another office in Dubai, would help Jersey develop business in the Gulf region.

The Commission is responsible for the regulation, supervision and development of the financial services industry in the Island of Jersey for banking, collective investment funds, fund services business, insurance business, general insurance mediation business, investment business, money service business, and trust and company service providers.
 

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