Jersey FSC signs memorandum with Cyprus Central Bank
The Jersey Financial Services Commission (FSC) and the Central Bank of Cyprus signed a memorandum of understanding, on 15 May 2007, to promote and assist co-operation between the two regulatory bodies.
The MoU sets out a general framework of mutual regulatory co-operation and exchange of information, with a view to facilitating the consolidated supervision of cross-border establishments and ensuring the sound functioning of banks in the two jurisdictions. The MoU also establishes procedures and liaison points to handle requests for information.
Both the Jersey FSC and the Central Bank of Cyprus pursue an active policy of signing MoUs in order to improve co-operation between regulatory bodies. There is currently only one bank incorporated in Jersey that operates a branch in Cyprus.