UAE Central Bank signs MoU with Jersey Financial Services Commission

Abu Dhabi, Nov 21, 2011 (WAM) - Central Bank of the UAE announced that it has signed a Memorandum of Understanding (MOU) with the Jersey Financial Services Commission yesterday in Abu- Dhabi aimed at supervisory co-operation and exchange of information. Sultan Bin Nasser Al Suwaidi, Governor of Central Bank of the UAE signed the MoU on behalf of Central Bank of the UAE and John Harris - Director-General of the Commission signed the MOU on behalf of the Jersey Financial Services Commission. This MoU, between Central Bank of the UAE and the Jersey Financial Services Commission, puts a mechanism to cooperate in regulatory matters and supervision of banks and other financial institutions operating in both jurisdictions and exchange of supervisory information, in line with local laws of each jurisdiction and within the Bank for International Settlements Home-Host country's supervisory authorities information sharing, which would contribute to the realisation of a sound financial system in the UAE and the Island of Jersey . Governor of the Central Bank welcomed in his opening remarks at the signing ceremony, the Commission's delegation headed by John Harris. The Governor emphasised in a statement the need for cooperation and coordination with supervisory and monetary authorities to ensure the stability of the financial system. Harris said: "I am delighted to sign this Memorandum of Understanding with the Central Bank of the UAE. It is a very important addition to the existing MoUs established between the Commission and other regulators around the world and reflects the Commission's commitment to cross-border regulatory co-operation. The UAE has become a hugely important financial centre and an area with which we see increasing levels of financial business being undertaken. Our two institutions have had a developed association for some time and regular cause for dialogue. The MoU will serve to enhance this relationship." The MoU was signed to emphasise the importance that Central Bank of the UAE attaches to the subject of banking cooperation with international supervisory and monetary authorities. - Emirates News Agency, WAM