The Reserve Bank of India, last week, signed three memoranda of understanding – with Jersey Financial Services Commission (JFSC), Financial Services Authority, UK and Financial Supervisory Authority of Norway. The Reserve Bank has been signing the Memorandum of Understanding (MoU) with regulators of other countries to promote greater co-operation and sharing of supervisory information between the two regulators. So far, it has signed nine such MoUs.
The MoU with the Jersey Financial Services authority was signed on July 16, 2012, at JFSC headquarters, Jersey by Shri P. Vijaya Bhaskar, Executive Director, Reserve Bank of India and Mr. J Harris, Director-General, JFSC.
Jersey Financial Services Commission (JFSC) is an independent statutory body whose main function is the regulation, licensing and supervision of financial services providers for compliance with prudential norms and conduct of business requirements in Jersey.
The MOU with the Financial Services Authority (FSA), UK was signed on July 17, 2012, at FSA, UK Headquarters, London, by Shri P. Vijaya Bhaskar, Executive Director, RBI, and Mr. Andrew Bailey, Director, FSA, UK.
The FSA is the United Kingdom’s principal national financial services and markets regulator and administers the Financial Services and Markets Act 2000(“FSMA”) which provides among other things for the supervision of firms, financial services, financial products and financial markets.
The MoU with the Financial Supervisory Authority of Norway (Finanstilsynet) was signed on July 19, 2012 at FSA, Norway headquarters, Oslo, by Shri G. Jaganmohan Rao, Chief General Manager-in-Charge, Department of Banking Supervision, Reserve Bank of India, and Mr. Emil Steffensen, Deputy Director General of FSA, Norway.
As the supervisory authority, in accordance with the Financial Supervision Act of 1956, Finanstilsynet is entrusted with supervision of banks (insurance companies and investment firms, etc.) in Norway.
Dr. K.C. Chakrabarty, Deputy Governor, Reserve Bank of India was present on all the occasions. Mr. Clive Jones, Chairman, JFSC and some other senior officials of respective supervisory authorities were also present. Mr. P. Balachandran, First Secretary, Embassy of India, Oslo was present at Norway for the signing of the MoU.
R. R. Sinha
Deputy General Manager
Press Release : 2012-13/169