PRESS RELEASE 30 July
2007
The Jersey Financial Services Commission (the “Commission”)
has issued a Consultation Paper on proposed amendments to
the Codes of Practice for four financial sectors: investment
business; deposit-taking business; insurance business and
trust company business. Of these, the most extensive amendments
are proposed to the Investment Business Codes of Practice,
as they have not been revised since 2001.
The proposals to amend the various Codes of Practice fall
into four main types:
• those amendments identified as a result of the Commission’s
self assessment of the Island’s regulatory framework
against international regulatory standards, along with implementation
of a number of recommendations set out in the 2003 IMF report;
• those amendments that are intended to maintain consistency
between the Codes for the various financial sectors, as far
as possible allowing for the differences in each sector;
• those amendments that aim to take account of changes
in industry practice; and
• those amendments that aim to clarify areas of the
Codes where the Commission’s experiences, through the
on-site examination programme, has highlighted interpretation
issues.
The Commission has been notified that the International Monetary
Fund (the “IMF”) will carry out a second review
of Jersey’s regulatory and supervisory framework in
2008. This review will examine in detail the extent of observance
of Codes of Practice, so it is important that these Codes
have been put in place before the assessment takes place.
The Consultation Paper raises a number of questions, and
the Commission looks forward to receiving a full range of
responses from industry. Responses should be submitted by
12 October 2007.
The consultation paper can be viewed by
clicking here and paper copies obtained from the Commission’s
reception area or the Jersey Library.
- Ends -
For further information please contact: -
Helen Hatton
Deputy Director General
Jersey Financial Services Commission
Tel: + 44 (0) 1534 822020
Fax: + 44 (0) 1534 822002
Email: h.hatton@jerseyfsc.org
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