In this edition |
Issue Number 18 - June 2010 |
Regulatory Seminars
The Commission is pleased to advise Industry that it will be holding two regulatory seminars on the 22 and 23 July 2010..
The first seminar is a full day dedicated to trust company business and will be relevant to trust company business employees of all levels. The subjects to be covered include a summary of common findings from on-site examinations, a case study charting the demise of a trust company to illustrate the use of regulatory powers and other topical matters.
The second seminar is scheduled for the morning only and has the theme of anti-money laundering and will be of interest to all sectors of the finance industry.
The deadline for registrations is 9 July 2010 but spaces are now limited. Full programme details and registration forms are available on the Commission’s website by clicking here.
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Regulatory misconduct whistleblowing line goes live - Tel 887557
The Commission launched a whistleblowing line facility on the 19 April and has already received five calls. The line allows callers to report any information they may have of regulatory misconduct using an anonymous, confidential and untraceable telephone line. The telephone line defaults to a voicemail facility outside of office hours or when a member of the Enforcement Division is unavailable to take the call. Once the information has been collated, voicemail recordings are destroyed immediately. The Commission will be publishing statistics on the use of the whistleblowing line in the 2010 Annual Report.
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Changes to the Board
The Commission would like to thank Jacqueline Richomme and Frederik Musch for their valuable contributions during their nine years’ service as Commissioners. Commissioner John Averty has recently been appointed as Deputy Chairman of the Commission to succeed Jacqueline Richomme.
We welcome two new Commissioners to the Board: Lord Eatwell of Stratton St. Margaret who fills the vacancy created by the resignation of Alastair Clark; and Advocate Cyril Whelan who fills the vacancy for an on-Island Commissioner. The selection process for an off-Island Commissioner is currently underway.
Please click on the names below to view the biographies.
Lord Eatwell of Stratton St. Margaret
Advocate Cyril Whelan
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Changes to the Commission's Website - Personal Questionnaire and Forms
During May 2010, the Commission undertook a review of the Personal Questionnaire Form and Associated Guidance Notes and as a result published a new package of Personal Questionnaire documents. At the same time the Commission used the opportunity to revise the way in which its Website is set out in relation to Forms.
The Personal Questionnaire package now comprises the Personal Questionnaire Guidance Notes and three forms:
- the Personal Questionnaire Form;
- the Personal Questionnaire: Additional Appointments Form; and
- the Personal Questionnaire: Ceasing to Act as Principal Person/Key Person Form.
To date, Commission Forms relating to registration and supervision matters have been available from separate specific pages.
These pages have been rationalised and augmented by a combined single “one-stop shop” page to aid navigation.
This “one-stop shop” page (click here) is sub-divided into two categories:
- “General Application” – Forms which have general application and may be of interest to all persons; and
- “Sector Specific” – Forms which relate to entities regulated or supervised by the Commission under one of the four Supervisory Laws* or for the purposes of countering money laundering and the financing of terrorism.
In addition to the “one-stop shop” page there are now sector specific “Forms” pages which replace the individual Guide to application and fees (and associated sub level) pages previously available from the Divisional dropdown menus on the Website. To access the sector specific pages please use the blue navigation bar, situated under the Commission logo at the top of each webpage.
If you notice any broken links on webpages or in documents following these changes, then please notify the Commission by emailing info@jerseyfsc.org.
* The collective name for the: Banking Business (Jersey) Law 1991; Collective Investment Funds (Jersey) Law 1988; Financial Services (Jersey) Law 1998; and Insurance Business (Jersey) Law 1996.
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2009 Annual Report
The Commission has published its 2009 Annual Report which in addition to including the Commission’s financial statements, describes the work undertaken by the Commission during 2009 and envisages also some of the challenges and opportunities for 2010.
To view the Annual Report please click here.
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Feedback Papers
On 7 April 2010, the Commission published two Feedback papers. The first being a Feedback Paper on Consultation Paper No.1 2010: two new Orders to be made under the Companies (Jersey) Law 1991 which can be viewed here. The second being a Feedback Paper on Consultation Paper No. 2 2010: Register of Recognized Auditors – proposed fees, which can be viewed here.
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eNewsletter Feedback
The Commission hopes that this Quarterly eNewsletter to the Industry is informative and useful. It welcomes any feedback on the eNewsletter. If you would like to comment on the content of this eNewsletter, or suggest subjects that you would like to be covered in future, please contact:
Chris Renault, Commission Secretary, on telephone +44 (0)1534 822066 or by email to c.renault@jerseyfsc.org
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