Cyprus and Jersey Financial Services sign memorandum

The Jersey Financial Services Commission and the Central Bank of Cyprus, expressing their mutual interest and willingness in establishing and promoting bilateral ties in supervising credit institutions, have signed a Memorandum of Understanding.
The Jersey Financial Services Commission is the competent authority for the regulation, supervision and development of the financial services industry in the island of Jersey.
The Central Bank of Cyprus, in addition to being the country’s monetary authority, is also Cyprus’ banking supervisory as well as licensing authority, a Bank press release said.
The Memorandum of Understanding defines a general framework of mutual co-operation and exchange of information between the two supervisory authorities with a view to facilitating the consolidated supervision of cross-border establishments and ensuring the safe and sound functioning of credit institutions in their respective countries, in accordance with their national laws and regulations.
Currently, one bank incorporated in Jersey operates in Cyprus in the form of branch.
The Central Bank of Cyprus pursues an active policy of signing Memoranda of Understanding for co-operation and exchange of information with competent overseas authorities, the press release added.
In the field of banking supervision, the Central Bank of Cyprus has signed Memoranda of Understanding with the Central Banks of countries whose banks already have or may have, in the immediate future, a physical presence in Cyprus.
Memoranda of Understanding have already been signed with the Central Bank of the Russian Federation, the Bulgarian National Bank, the National Bank of Ukraine, the National Bank of the Republic of Belarus, the National Bank of Serbia, the National Bank of Romania, the Financial and Capital Market Commission of the Republic of Latvia, the National Bank of Slovakia, the Bank of Tanzania, the Central Bank of Jordan, the Bank of Greece, the Banque du Liban, the Central Bank of the Republic of Armenia and De Nederlandsche Bank N.V.
Moreover, negotiations are currently being carried out with another twelve overseas banking supervisory authorities for the signing of similar documents.