RBI promotes info sharing, inks MoU with Financial Regulators of 9 countries

The RBI with the aim to promote co-operation in information sharing b/w regulators, inked 3 MoUs with financial regulators of nine countries. The newly signed are with:

  1. Jersey Financial Services Commission (JFSC)
  2. Financial Services Authority of UK
  3. Financial Supervisory Authority of Norway

Jersey Financial Services Commission (JFSC)

  • It is Independent statutory body.
  • Function: Regulation, licensing and supervision of financial services providers for conformity with prudential norms and conduct of business requirements in Jersey.

Financial Service Authority

  • UK’s main national financial services and market regulator
  • Function: Regulation of the Financial Services and Markets Act 2000(FSMA) that provides for the supervision of firms, financial services, and financial products as well the financial markets.

Financial Supervisory Authority of Norway

  • The body is also known as Finanstilsynet
  • Function: Does supervision of banks (insurance companies and investment firms, etc.) in Norway as per the Financial Supervision Act of 1956.

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