MoU between BVI Financial Services Commission and Jersey Financial Services Commission (July 2007)

Summary

This is a bilateral Memorandum of Understanding between the BVI Financial Services Commission (BVIFSC) and the Jersey Financial Services Commission (JFSC), signed in July 2007. It establishes a framework for cross-border regulatory cooperation, including the exchange of information and investigative assistance between the two supervisory authorities. It does not create enforceable rights for third parties and does not alter either jurisdiction's domestic laws.

• Scope of assistance: Covers voluntary and requested provision of information, verification of information, discussion of mutual interest issues, obtaining documents, questioning persons, conducting inspections, and allowing joint participation in enquiries.
• Request procedure: Requests for assistance must be in writing (or made orally and confirmed in writing within ten business days) and specify details such as the information sought, purpose, and any onward disclosure.
• Discretion to deny: The requested Authority may decline assistance in whole or part based on burden, public interest, lack of parallel law, or other listed factors, and must give reasons for refusal.
• Confidentiality: Both Authorities must keep requests, unsolicited assistance, and related matters confidential, and follow specific notice and consultation procedures before disclosing information to third parties or in response to legal demands.
• Enforcement matters: Appendix 1 sets additional procedural requirements for requests tied to actual or possible enforcement action, including details on interviews, joint investigations, and preservation of individuals' rights.
• Costs and termination: Requested Authority may seek contribution to costs for substantial requests; the MoU takes effect on signature by both Authorities and may be terminated by either party on 30 days written notice.

This MoU is an inter-regulator cooperation agreement rather than a rule imposing direct compliance duties on licensees or regulated firms in the BVI. It is primarily relevant to compliance officers as background on how the BVIFSC may share information about their firm with the JFSC (and vice versa) in the course of supervision or enforcement.

Key obligations

• The Authorities must use best endeavours to provide assistance to each other when a request is made, subject to their own laws and policy.
• Requests for assistance made orally must be confirmed in writing within ten business days unless otherwise agreed.
• Each Authority must keep confidential all requests, their contents, and any matters arising under the MoU, including consultations and unsolicited assistance.
• An Authority receiving non-public information may only disclose it in accordance with its own applicable laws, and must seek the supplying Authority's consent before further voluntary disclosure.
• Where a legally enforceable demand for disclosure is anticipated or received, the Authority involved must notify the other Authority and use reasonable legal means to resist the demand.
• Either Authority may terminate the MoU by giving 30 days advance written notice to the other.
• Information obtained under the MoU must continue to be treated confidentially even after termination.

Deadlines

• within ten business days: Oral requests for assistance must be confirmed in writing within this period unless otherwise agreed.
• 30 days advance written notice: Either Authority may terminate the MoU by giving this notice period to the other Authority.