In Jersey, several of the Regulatory Codes shown below were amended with effect from today 1 September 2016. These codes set out the principles and detailed requirements that must be complied with in the conduct of financial services business. Each Code is issued and maintained using powers provided by legislation.

1. Code of Practice for Fund Services Business – 1 September 2016
2. Code of Practice for General Insurance Mediation Business – 1 September 2016
3. Code of Practice for Investment Business – 1 September 2016
4. Code of Practice for Money Service Business – 1 September 2016
5. Code of Practice for Trust Company Business – 1 September 2016
6. Code of Practice for Deposit-taking Business – 1 September 2016
7. Code of Practice for Insurance Business – 1 September 2016

For your convenience, track-changes and clean versions of these Codes of Practice can be accessed using the following link.

• http://www.jerseyfsc.org/the_commission/codes_of_practice/codes_of_practice_trackchanges.asp

The Codes of Practice have been revised for the following three main reasons:

1. To make sure that all notification requirements are clear and unequivocal. The current Codes are imprecise concerning how and when notifications of particular matters are to be made to the JFSC; the updated versions will state that all notifications are to be submitted in writing to the JFSC as soon as a registered person becomes aware of matters that must be notified.
2. To update the Regulatory Requirements on the handling of consumer complaints by the resolution framework provided under the Financial Services Ombudsman (Jersey) Law 2014.
3. To make minor amendments, especially for the sake of harmonisation and consistency. To this end, all notification timescales of less than 28 days will be stated to be “x business days” and all notification timescales of 28 days or more will be stated to be “x calendar days”.

Although the totality of changes is limited the effect of the above will have been changed to:-

1. Policy and Procedures
2. Compliance Monitoring Plans
3. Client Terms and Conditions
4. Web site disclosures

Also, the following should have followed

1. Staff training on changes
2. The board will need to minute their awareness of the above and their satisfaction of execution

Feel free to contact me, should you require additional information or assistance with any of the above matters.

Cheers and best regards – Mathew

mathewbeale@comsuregroup.com