The Jersey Financial Services Commission (JFSC) has inked a memorandum of understanding (MoU) with Liechtenstein Financial Market Authority (FMA) to work together on regulatory matters.

The agreement will help the two financial watchdogs collaborate on supervisory matters, information sharing as well as the oversight of regulated firms, JFSC said in a statement.

JFSC director general John Harris said that it is essential for the two jurisdictions to work closely, especially as challenges in the financial services sector in the two markets are projected to rise over the coming years.

“This Memorandum will assist in that regard as it provides a formal framework for the exchange of regulatory information and mutual assistance. We understand each other and we already work effectively together so this agreement reinforces yet further an already excellent relationship,” Harris stated.

JFSC has already signed MoUs on a bilateral or multilateral basis with other regulators in more than 90 countries.