PRESS RELEASE 17 December 2010
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 Licensing Policy was previously updated on 2 July 2008.
The FS(J)L is 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 changes to the Licensing Policy are in relation to the additional risks posed to the Island by higher risk jurisdictions.
The substantive changes are located as follows:
- Section 4 - “General” and Section 11 - “Transparency”, which set out the Commission’s requirements in terms of the ownership of a financial services business;
- Section 9 - “Structure” and Section 10 - “Systems and Controls”, which set out the requirements where an applicant intends to provide services to customers who are themselves connected with a higher risk jurisdiction or for whom structures are established that will engage in activities with such jurisdictions.
- Section 12 - “Managed Businesses”, which sets out the factors that the Commission will consider in the context of an application from an applicant wishing to operate as a managed business.
The updated Licensing Policy can be viewed on the Commissions website by clicking here.
- Ends -
For further information please contact: -
Debbie Sebire - Director, Trust Company Business
Tel: + 44 (0) 1534 822113
Fax: + 44 (0) 1534 822002