Jersey Amends Financial Services Codes Of Practice
by Jason Gorringe, Lowtax.net, London
03 January, 2018
Jersey's financial services regulator, the Jersey Financial Services Commission, is proceeding with amendments to its Codes of Practice, which were the subject of a consultation last year.
The Codes of Practice are documents issued by the Commission that set out regulatory requirements for registered persons, including funds, insurers, deposit-takers, and other entities. Contravention of a Code of Practice can result in regulatory action being taken against a registered person.
The amendments to the Codes fall, broadly, into three categories: amendments that are termed "routine maintenance" - for example, to improve the clarity of certain provisions in the Codes; amendments that modify regulatory requirements in order to address issues the Commission has identified during the course of supervising registered persons; and amendments to ensure the Commission's regulatory requirements comply with international standards.
The Commission says it will issue amended Codes in the near future, with the new Codes coming into force two months thereafter.
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