Jersey signs agreement with French banking regulator

Jersey's Financial Services Commission has signed an agreement with the French banking regulator.

The Autorite de Controle Prudentiel, or ACP, signed a Memorandum of Understanding that will help the two regulatory bodies to work together.

The agreement allows the JFSC and the ACP to exchange information and work together to regulate banks.

The commission now has these agreements with regulators in more than 70 countries.

John Harris, director general of the JFSC, said: "I am delighted to sign this Memorandum of Understanding with the ACP, which operates under the authority of the French Republic's central bank, the Banque de France.

"With two of the largest French banks having significant operations in Jersey, this will assist the Commission and the ACP to maintain close co-operation and dialogue with each other and contribute to effective cross-border supervision."

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