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   Home > The Commission > General Information > Publications > Enewsletters > June 2010 Newsletter

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In this edition

Issue Number 19 - September 2010

    • Regulatory Seminars     • AML/CFT Themed On-site Examinations
    • Banking registration renewals     • Memorandum of Understanding with the South African Reserve Bank
    • Feedback on reporting and disclosures     • Jersey retains position within international organisations
    • Other Feedback Papers     • Register of Restricted Individuals    

Regulatory Seminars

The Commission is pleased to advise Industry that it will be holding a Fund Services Business regulatory seminar on Thursday 4 November 2010.

The seminar is a full day dedicated to Fund Services Business and will be relevant to Fund Services Business employees of all levels. The subjects to be covered include a briefing on AIFM, IOSCO and other international and domestic policy developments, AML issues for Fund Service Businesses and Funds themselves, common fund accounting issues and other topical matters.

The deadline for registrations is 22 October 2010.

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Banking registration renewals

Applications for the renewal of all deposit-taking registrations for the year from 1 February 2011 to 31 January 2012 are required to
be submitted during the month of October 2010, together with the applicable re-registration fee. Following the recent consultation, the fee payable should be calculated in accordance with the Deposit-Taking Business Fees Notice, as amended on 6 September 2010, which can be accessed by clicking here.

Renewal letters, containing an explanation of the re-registration process, were sent to all registered persons in early September.

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Feedback on reporting and disclosures

On 13 September 2010, the Commission published a feedback paper following the conclusion of its consultation on the regulatory requirements for Jersey registered deposit takers in respect of the provision of financial information and public disclosures.  The aims are to:

  • bring together existing requirements regarding the provision of financial information to the Commission by registered deposit takers;
  • increase the availability to the public of financial information on banking groups represented in Jersey; and
  • require that disclosures regarding relevant depositor compensation schemes are made in banks’ Jersey advertisements.

In respect of the third aim, Codes of Practice for Deposit-taking Business have been amended so as to require such disclosures to be made in deposit advertisements issued after 1 July 2011.

Copies of the following documents can be downloaded from the Commission’s Website:

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Other Feedback Papers

On 16 July and 4 August 2010, respectively, the Commission published two Feedback papers. The first being a Feedback Paper on Consultation Paper No.12 2009: the regulation of Electronic Money, which can be viewed here. The second being a Feedback Paper on Consultation Paper No.3 2010: proposed fees under the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008, which can be viewed here.

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AML/CFT Themed On-site Examinations

The Commission has recently published its key findings on the first themed on-site examination programme for the designated non-financial businesses and professions ("DNFBPs") that are captured under Schedule 2 of the Proceeds of Crime (Jersey) Law 1999, namely accountants, lawyers and dealers in high value goods.  The programme assessed the degree of compliance with the Money Laundering (Jersey) Order 2008 and the DNFBPs' sector specific Handbooks for the Prevention and Detection of Money Laundering and the Financing of Terrorism.  The key findings for DNFBPs can be viewed by clicking here.

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Memorandum of Understanding with the South African Reserve Bank

The Commission and the Bank Supervision Department of the South African Reserve Bank (the “SARB”) have signed a Memorandum of Understanding (“MoU”) that will help facilitate co-operation between the two regulatory bodies.

The MoU provides a framework for the JFSC and the SARB to exchange confidential information and co-operate with each other regarding the supervision and regulation of banking entities under their authority.

John Harris, Director General of the Commission, said, “I am delighted to sign this Memorandum of Understanding with the South African Reserve Bank.  A number of South African banks already have a presence in Jersey and this Memorandum will assist the Commission and the South African Reserve Bank to maintain close co-operation and dialogue with each other.  Such collaboration should help to protect depositors and promote the integrity of financial services markets in Jersey and South Africa.”

A copy of the MoU can be downloaded from the Commission’s Website.

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Jersey retains position within international organisations

Jersey’s position as a leading jurisdiction for company registration has been reinforced with the re-election of Julian Lamb to senior positions on three international bodies. Jersey’s Companies Registry operates within the Commission, and Mr Lamb is Director, Registry.

Julian has been re-elected to the following positions:

  • Chair of the international section of the International Association of Commercial Administrators (“IACA”);
  • Member of the board of the European Business Registry (“EBR”), and has been appointed deputy chairman of the board and rotating chairman of the annual general meeting; and
  • Website secretariat for the European Commerce Registries’ Forum (“ECRF”).
Further information is available on the Commission’s Website.

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Register of Restricted Individuals

The Commission has introduced a Register of Restricted Individuals to its Website. The register relates to individuals who have had directions issued under the Regulatory Laws to restrict their employment within the finance industry in Jersey and are the subject of a public statement or press release.

The Regulated Laws is the collective term for the:

  • The Banking Business (Jersey) Law 1991;
  • The Collective Investment Funds (Jersey) Law 1988;
  • The Financial Services (Jersey) Law 1998; and
  • The Insurance Business (Jersey) Law 1996.

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eNewsletter Feedback

The Commission hopes that this Quarterly eNewsletter to the Industry is informative and useful. It welcomes any feedback on the eNewsletter. If you would like to comment on the content of this eNewsletter, or suggest subjects that you would like to be covered in future, please contact:

Chris Renault, Commission Secretary, on telephone +44 (0)1534 822066 or by email to c.renault@jerseyfsc.org

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