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Press Release - 26 September 2002

TRUST COMPANIES MEET NEW COMPLIANCE STANDARDS

Jersey Regulator Issues Fourth Tranche Of Licences

The Jersey Financial Services Commission's drive to ensure full regulatory compliance of the Island's trust company industry moved closer to completion this month, with the granting of licenses to a further 32 trust company businesses.

This is the fourth tranche of licenses issued during the last 12 months and brings the number of businesses fully compliant to more than 75 per cent. Approximately 60 businesses are still actively seeking licences and many are expected to fulfil the standards necessary for approval by the end of this year.

Helen Hatton, Deputy Director General said; "We have been very pleased at the way the trust industry has risen to the regulatory challenge. This is good news for the Island's reputation, for the businesses themselves, and for the trust company sector as a whole. Wherever possible we are working with the remaining applicants to help achieve the required standards. We will not, however, flinch from taking firm action where that is necessary."

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