Revised policy on trading carbon credits and cannabis activities
We have updated our Sound Business Practice Policy following a change in legislation by the States of Jersey. The policy explains our approach for granting Control of Borrowing consents (COBO consents) which give permission to do business in Jersey.
The changes we have made to our policy relate to businesses wanting to trade carbon credits or undertake cannabis activities.
Trading carbon credits
Trading carbon credits has been listed as a sensitive activity. This means that we will ask for additional information from businesses that want to trade carbon credits before we grant COBO consent.
We have also specified that companies wanting to trade carbon credits must also appoint a Jersey trust company business to administer it if the ultimate beneficial owner of the business is not resident in Jersey.
Cannabis activities
Cannabis activities include the cultivation, production, supply, use, export or import of cannabis or any of its derivatives.
Cannabis activities were already listed as a sensitive activity, but we have changed the policy to make it clearer that we are more likely to grant consent if the activities:
- Are legal when and where they take place
- Take place in a jurisdiction that the Government of Jersey has provided an exemption for.
In this short update, Jon Stevens, Head of Policy, provides more information on our Sound Business Practice policy, including how and why we use it.
Read the updated Sound Business Practice Policy.