SEC, CFTC, and Jersey Financial Services Commission Sign MOU Information Sharing Arrangement
FOR IMMEDIATE RELEASE
The MOU Establishes a Framework for Information Sharing and Cooperation in Cross-Border Investigations of Potential Violations of Securities and Futures Laws
Washington, D.C. and Jersey, May 30, 2002 -- The U.S. Securities and Exchange Commission (SEC), the U.S. Commodity Futures Trading Commission (CFTC), and the Jersey Financial Services Commission (FSC) jointly announced today the signing of a Memorandum of Understanding (MOU) Concerning Cooperation, Consultation and the Exchange of Information. The MOU establishes a framework for information sharing and facilitates cooperation in cross-border investigations of potential violations of securities and futures laws.
SEC Chairman Harvey L. Pitt, CFTC Chairman James E. Newsome, and FSC Director General Richard Pratt signed the MOU on behalf of their respective organizations.
SEC Chairman Pitt said, "The SEC has in the past received substantial cooperation from the Jersey authorities. The new legislation adopted in Jersey significantly expands the Jersey Financial Services Commission's ability to obtain information and to share that information with foreign authorities. The MOU, coupled with the new legislation, strengthens our relationship with the Jersey FSC and enhances our efforts to enforce domestic laws in a cross-border environment."
CFTC Chairman Newsome said, "We are pleased to sign the MOU today with the Jersey FSC. Jersey has long been an active financial center for international business and this MOU recognizes the progress Jersey has made in combating financial fraud and meeting international financial standards for cooperation. The MOU will be an important tool in continuing to safeguard market integrity and protect consumers in the global marketplace."
FSC Director General Pratt said, "Jersey has extensive powers of co-operation in regulatory matters and has shown that it is willing and able to use them. This MOU is a demonstration of mutual confidence between the U.S. regulators and the Jersey FSC together with a determination to work together to protect investors and to secure clean and transparent markets that are free from abuse."
The MOU reflects the strong commitment of each authority to combat cross-border fraud by providing cooperative assistance in securities and commodity futures matters under the laws of the United States and Jersey.