PRESS RELEASE 2 July 2008
FINANCIAL SERVICES (JERSEY) LAW 1998 - LICENSING POLICY
The Jersey Financial Services Commission (the “Commission”) has today issued an updated version of the Licensing Policy in respect of those activities that require registration under the Financial Services (Jersey) Law 1998 (the “FS(J)L”).
The document commonly referred to as the “Licensing Policy” published on the Commission website is dated May 2002, consequently the policy document was prepared and approved at a time when the only types of financial service business falling to be registered under the FS(J)L were Trust Company Business and Investment Business. Subsequent to May 2002, the FS(J)L has been amended such that it is now the primary legislation for the regulation and supervision of five financial sectors:
• Fund Services Business;
• General Insurance Mediation Business;
• Investment Business;
• Money Service Business; and
• Trust Company Business.
The expansion of the remit of the FS(J)L; six years experience of working with the current Licensing Policy; and the outcome of the self assessment against international regulatory standards, undertaken by Commission staff in the first quarter of 2007, identified the need for the Licensing Policy to be revised and reissued such that it is applicable for all financial services meeting the definition of a financial service business provided by Article 2 of the FS(J)L.
In updating the policy the Commission’s overriding objective has been to provide clarity:
• in areas of the policy that have been subject to regular discussion regarding interpretation – making explicit items that have previously been implicit;
• in respect of the policy relating to structure including real presence; systems and controls; and transparency of ownership; and
• in respect of the Commission’s policy relating to managed businesses.
Additionally, the Commission has sought to incorporate into the policy statement licensing decisions taken by the Board of Commissioners that have set precedents, particularly with respect to acceptable ownership structures.
The updated Licensing Policy can be viewed on the Commission’s website by clicking here.
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For further information please contact: -
Jersey Financial Services Commission
Tel: + 44 (0) 1534 822011
Fax: + 44 (0) 1534 822001