2 July 2008
CODES OF PRACTICE FOR INVESTMENT BUSINESS AND ASSOCIATED GUIDANCE NOTES
The Jersey Financial Services Commission (the “Commission”) has today issued finalised Codes of Practice for Investment Business (the “IB Codes”) and two associated Guidance Notes:
• Guidance Note: Suitability of Advice; and
• Guidance Note: Professional Qualifications (Investment Business).
The issuance of the IB Codes and Guidance Notes marks the completion of the work stream that began with the publication of Consultation Paper No. 3 2007 on Amendments Proposed to Codes of Practice in July 2007.
For persons that receive their registration to carry on investment business on or after 1 July 2008 the IB Codes have immediate effect however, for persons holding a registration as at 1 July 2008 a transitional period of three months, during which to come into full compliance, has been granted.
The Guidance Notes should be read in conjunction with the IB Codes as:
• the Guidance Note on Suitability of Advice provides a benchmark for complying with paragraphs 2.5 and 2.6 of the IB Codes; and
• the Guidance Note on Professional Qualifications provides the table of qualifications that a registered person should consider when managing compliance with paragraph 3.3.5 of the IB Codes – competency requirements for investment employees.
The finalised IB Codes and Guidance Notes can be viewed on the Commission’s website by clicking on the following links: IB Codes; and Guidance Notes.
- Ends -
For further information please contact: -
Jersey Financial Services Commission
Tel: + 44 (0) 1534 822048
Fax: + 44 (0) 1534 822002