PRESS RELEASE 19 October
CONSULTATION PAPER ON AMENDMENTS TO SECONDARY LEGISLATION
The Commission has today published a consultation paper setting
out proposals to amend and introduce new secondary legislation.
The consultation paper follows on from a position paper issued
by the Commission in June, which set out the policy proposals
that form the basis for the majority of the legislative changes
referred to in the consultation paper.
The consultation paper covers proposed legislative changes
in the following areas:
• Repealing the Trust Company Business and Investment
Business secondary legislation relating to accounts, audits
and reports and replacing it with a single piece of legislation
designed to cover both business sectors.
The majority of the amendments proposed in the replacement
accounts, audits and reports legislation are in connection
with the Investment Business sector; although the proposals
do clarify a number of items for the Trust Company Business
• Repealing the secondary legislation that currently
places requirements on Trust Company Businesses with respect
to safekeeping customer money. The replacement legislation
will incorporate the existing requirements relating to customer
money and proposes requirements relating to customer assets
taking the form of:
- investments (as defined by Schedule 1 to the Financial
Services (Jersey) Law 1998); and
- immovable property.
• Publication of new secondary legislation relating
to any financial service advertisement in respect of financial
service business as defined by the Financial Services (Jersey)
The amendments to the secondary legislation are being proposed
in preparation for the forthcoming assessment by the International
Monetary Fund (“IMF”) of the Island’s regulatory
The IMF last assessed Jersey, along with the other Crown
Dependencies of Guernsey and the Isle of Man, in 2002/2003
and the resultant report was published in October 2003. It
is currently expected that the Crown Dependencies will be
re-assessed in the second half of 2008.
The IMF will assess the Island’s regulatory framework
against the relevant international regulatory standards. The
assessment will consider legislation, Codes of Practice, policy
statements and guidance notes, the practical implementation
of the framework by the Commission (and other relevant agencies)
and input provided by industry.
One of the critical areas of the assessment will be the practical
implementation of the regulatory framework and, dependent
upon feedback to this consultation, the Commission seeks to
make the secondary legislation relating to accounts, audits
and reports prior to 31 December 2007: the period end for
many registered persons undertaking Investment Business and
Trust Company Business.
Responses to the consultation paper should be provided to
either Jersey Finance or the Commission in line with the deadlines
stated in the consultation paper.
The consultation paper can be viewed on the Commission’s
website by clicking
here and paper copies obtained from the Commission’s
reception area or the Jersey Library.
- Ends -
For further information please contact: -
Andrew Le Brun
Director, International & Policy
Jersey Financial Services Commission
Tel: + 44 (0) 1534 822065
Fax: + 44 (0) 1534 822001