PRESS RELEASE 9 April 2009
GUIDANCE FOR PERSONS REGISTERED TO PROVIDE FUND SERVICES BUSINESS AS MANAGER OF A MANAGED ENTITY (“MOME”)
The Jersey Financial Services Commission (the “Commission”) has today published a Guidance Note for persons registered under the Financial Services (Jersey) Law to provide fund services business as a MoME (the “Guidance Note”).
The Guidance Note incorporates findings from a series of themed visits conducted on behalf of the Commission by PricewaterhouseCoopers CI LLP (“PwC”) in 2008 and will replace draft guidance that was previously issued by the Commission in September 2008.
The Commission’s Director General, John Harris, said,
“The Commission has been encouraged by the progress that has been made by businesses registered to conduct this important activity in implementing the requirements of the Codes of Practice introduced by the Commission in late 2007. The purpose of this Guidance Note is to expand upon the principles contained within those Codes and to provide regulated businesses with some examples of current best practice. The Guidance Note will also clarify certain aspects of the draft guidance that was issued by the Commission last year.”
The Guidance Note can be viewed here.
A summary report of the visits conducted by PwC can be viewed here.
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For further information please contact: -
Darren Boschat - Deputy Director - Securities
Tel: + 44 (0) 1534 822060
Fax: + 44 (0) 1534 822002