PRESS RELEASE 15 March 2011
BANKING BUSINESS (JERSEY) LAW 1991 - LICENSING POLICY
Today, the Jersey Financial Services Commission (the “Commission”) has issued an updated version of the Licensing Policy in respect of those activities that require registration under the Banking Business (Jersey) Law 1991 (the “Banking Law”).
The Licensing Policy was previously updated in June 2009.
The Banking Law is the primary legislation for the regulation and supervision of deposit-taking businesses.
The substantive changes are located at sections 3.3 to 3.5, 5.2 to 5.4 and 11.7 to 11.8.
The purpose of the changes has been twofold:
- to adopt changes recently made to the equivalent policy under the Financial Services (Jersey) Law 1998 in respect of higher risk jurisdictions; and
- to better facilitate the Commission’s flexibility of approach, which was originally intended when the Licensing Policy was last changed in 2009, when considering the merits of a licence application.
The updated Licensing Policy can be viewed on the Commission’s website by clicking here.
A version showing all tracked changes can be viewed for a limited time by clicking here.
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For further information please contact: -
Mark Sumner - Director, Banking & Insurance
Jersey Financial Services Commission
Tel: + 44 (0) 1534 822117
Fax: + 44 (0) 1534 822047
NOTES TO EDITORS
The Commission is responsible for the regulation, supervision and development of the financial services industry in the Island of Jersey for banking, collective investment funds, fund services business, insurance business, general insurance mediation business, investment business, money service business, and trust and company service providers. The Director General is the Registrar of Companies.
Additionally, the Commission is the supervisory body for those sectors that are subject to regulatory oversight of their anti-money laundering and countering the financing of terrorism responsibilities, which includes: Accountants; Lawyers; Estate Agents;
High Value Goods Dealers; and Non-Profit Organizations.