PRESS RELEASE 3 August 2006

Consultation on changes to the Banking Business (Jersey) Law 1991

The Commission has today commenced a public consultation exercise on a number of proposed amendments to the Banking Business (Jersey) Law 1991. The Law establishes provisions for the regulation of banks operating in Jersey and the amendments relate to:

• The appointment of a manager in prescribed circumstances;
  
• The issue of Codes of Practice and measures that address the failure of registered persons to adhere to them;
  
• Changes to the right of appeal and appeal procedures;
  
• Improved specificity on the way in which conditions imposed on the registration of a person may be amended;
  
• The power of the Commission to issue directions; and
  
• Provisions to effect the transfer of deposit-taking business from one Jersey deposit taker to another.

The Consultation Paper can be viewed on the Commission’s website at www.jerseyfsc.org and paper copies are available at the Commission’s reception area and the Jersey Library.

The Commission would welcome input from any interested parties. Responses should be submitted by 3 November 2006.

The consultation paper can be viewed by Clicking Here

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For further information, please contact:

Mark Sumner
Director, Banking
Jersey Financial Services Commission

Tel: + 44 (0) 1534 822117
Fax: + 44 (0) 1534 822002
Email: m.sumner@jerseyfsc.org