PRESS RELEASE 8 July 2008

REVISED CODES OF PRACTICE FOR: DEPOST-TAKING BUSINESS; FUND SERVICES BUSINESS; GENERAL INSURANCE MEDIATION BUSINESS; INSURANCE BUSINESS; MONEY SERVICE BUSINESS; AND TRUST COMPANY BUSINESS

The Jersey Financial Services Commission (the “Commission”) has today issued revised Codes of Practice for the following financial sectors:

• Deposit-taking Business;
• Fund Services Business;
• General Insurance Mediation Business;
• Insurance Business;
• Money Service Business; and
• Trust Company Business.

The Codes have been revised to reflect the following legislation which has come into effect in the past six months:

• Banking Business (Amendment No. 6) (Jersey) Law 2008;
• Financial Services (Amendment No. 3) (Jersey) Law 2008;
• Financial Services (Amendment No. 4) (Jersey) Law 2008;
• Insurance Business (Amendment No. 6) (Jersey) Law 2008;
• Money Laundering (Jersey) Order 2008; and
• Financial Services (Advertising) (Jersey) Order 2008.

Additionally, the Codes have been revised to reflect the Commission’s decision in respect of the interaction of the Adjusted Net Liquid Assets calculation and the quarterly prudential reporting for Deposit-taking Businesses, as communicated in the Commission’s Dear CEO letter of 25 March 2008.

To assist registered persons in considering the amendments, for each of the financial sectors the Commission has published both clean and track change versions of the Codes of Practice.

The revised Codes of Practice can be viewed on the Commission’s Website by clicking on the appropriate financial sector as listed above.

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For further information please contact: -

John Harris
Director General
Jersey Financial Services Commission

Tel: + 44 (0) 1534 822011
Fax: + 44 (0) 1534 822001
Email: j.harris@jerseyfsc.org