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Jersey Consults On Minor Regulatory Changes

by Lorys Charalambous, Lowtax.net, Cyprus
16 November, 2017

Jersey's financial services regulator, the Jersey Financial Services Commission, has released draft legislation that would tighten and clarify aspects of the island's regulatory regime.

The draft legislation resolves regulatory issues currently preventing or limiting the circumstances in which restricted information may be disclosed by the Commission to Lloyd's, professional bodies (such as those for the accountancy and legal profession), and pension supervisors.

The principal person provisions in various regulatory laws are amended so they apply consistently to liquidators of regulated businesses (whether appointed under a bankruptcy or otherwise) and administrators of bankrupt regulated businesses.

The Recognized Funds permit conditions are updated to take account of the establishment of the Channel Islands Financial Ombudsman.

The Banking Business (Jersey) Law 1991 and the Insurance Business (Jersey) Law 1996 are brought into line with other regulatory laws so that a registration and permit, respectively, may be revoked where a bank or insurance company has failed to pay a fee due to the Commission.

The Alternative Investment Funds (Jersey) Regulations 2012 are updated to make them consistent with those in the Collective Investment Funds (Jersey) Law 1988, and a number of other administrative amendments are made, including to the Financial Services Commission (Jersey) Law 1998 and the Bankruptcy (Désastre) (Jersey) Law 1990.

Interested parties have until February 9, 2018, to comment on the draft legislation.

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