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PRESS RELEASE 6 March 2009

THEMED VISITS FINDINGS REPORT: PERSONS REGISTERED TO PROVIDE FUND SERVICES BUSINESS AS MANAGER OF A MANAGED ENTITY (“MoME”)

The Jersey Financial Services Commission (the “Commission”) has today published a themed visits findings report (the “Report”) in respect of persons conducting fund services business as a MoME under the Financial Services (Jersey) Law 1998, as amended (the “FS(J)L”).

In September 2008, the Commission issued a draft guidance note for MoMEs (the “Draft Guidance”) and engaged PriceWaterhouseCoopers CI LLP to assist in designing and executing a visit programme. The Report provides a summary of the findings arising from the 15 on-site visits that were conducted on persons providing MoME services during the third quarter of 2008 and also incorporates comments received directly from practitioners.

The objectives of the visits were:
  • to gain an insight into the practical measures implemented by Industry to demonstrate compliance with the Codes of Practice for Fund Services Business (the “FSB Codes”) issued by the Commission and effective from 14 November 2007;

  • to highlight areas of good practice or inconsistencies within the Industry when addressing the areas of the FSB Codes and the Draft Guidance ; and

  • to identify areas of the FSB Codes or Draft Guidance where additional guidance or clarification is needed.

As a result of the visits the Commission intends to revise and finalise the Draft Guidance in order to, inter alia:

  • clarify certain structural arrangements in relation to MoMEs; and

  • provide additional guidance on conflicts of interest, Compliance Officer arrangements and corporate governance.

Overall, the Commission was encouraged by the progress made by MoMEs in implementing the requirements of the FSB Codes. MoME activities will remain a key part of the Commission’s supervisory focus and this process has proved very helpful in gauging current practices and understanding.

The Commission intends to finalise and publish the Draft Guidance by 31 March 2009 and would therefore invite any comments on the Report, and the proposals outlined therein, to be provided using the following contact details by no later than Friday 20 March 2009.

To view the Report click here.

- Ends -

For further information please contact: -

Darren Boschat - Deputy Director - Securities
Tel: + 44 (0) 1534 822060
Fax: + 44 (0) 1534 822002
Email: d.boschat@jerseyfsc.org

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