The following offers an update on Jersey regulatory and legal matters this quarter and includes such matters as JFSC Business Plan 2016 Other JFSC updates – inc Funds, TCB feedback and dear CEO letter Updates to Jersey legislation Tax Beneficial ownership JFSC Business Plan 2016 On February 5 2016 the Jersey Financial Services Commission (JFSC) […]

Introduction The reform of Jersey’s anti-money laundering (AML) practices and laws has been high on the legislative agenda, particularly after Jersey became a member of the Committee of Experts on the Evaluation of Anti-money Laundering Measures and the Financing of Terrorism (Moneyval) in 2012. Moneyval is the EU body tasked with ensuring that member states […]

1. The Banking (Depositors Compensation) (Amendment) (Jersey) Regulations 2010 came into force on 10 February 2010.  The Regulations amend the Banking (Depositors Compensation) (Jersey) Regulations 2009 to impose restrictions on the disclosure of information received under the Regulations. 2. The Companies (Amendment No. 4) (Jersey) Regulations 2009 came into force in part on 10 December […]

The Jersey Financial Services Commission (the “Commission”) has issued a feedback paper setting out the Commission’s response to comments received on its 2012 consultation paper which contained proposals for a miscellany of amendments to the regulatory legislation that it administers. The need for the legislative amendments has arisen as a result of the use, and […]

The Revised Codes of Practice shown below will come into force on 1 July 2014.  The Commission has provided both clean and track changed versions of these documents as an aid to understanding the latest revisions. http://www.jerseyfsc.org/the_commission/codes_of_practice/codes_of_practice_revisions.asp

1. The Alternative Investment Funds (Jersey) Order 2013 came into force on 22 July 2013. a. The Order sets out certain exemptions and prescribed services under the Alternative Investment Funds (Jersey) Regulations 2012 and stipulates that a service provider must be approved by the Jersey Financial Services Commission before carrying out any prescribed service. 2. […]

PRESS RELEASE  5 DECEMBER 2013 – The Review of Financial Advice (“RFA”) project commenced in August 2011 with the publication of Position Paper No. 1 on the Review of Financial Advice. On 27 September 2013, the Jersey Financial Services Commission (the “Commission”) published Consultation Paper No. 8 2013: Proposed Revisions of the Codes of Practice […]

Powers to remunerate directors of Jersey companies AI Airports International Limited and PI Power International Limited v Pirrwitz [2013] JCA 177 (12 September 2013) In a helpful judgment the Jersey Court of Appeal has upheld the decision of the Royal Court in Pirrwitz v AI Airports International Limited and PI Power International Limited [2013] JRC […]