Jersey Proposes New Data Reporting Obligations
by Jason Gorringe, Lowtax.net, London
10 August, 2017
Jersey's financial services regulator, the Jersey Financial Services Commission, is proposing more stringent reporting requirements across all industry sectors to support its risk-based approach to supervision.
The proposals affect entities licensed under the island's banking and financial services laws. Banks will face the most comprehensive reporting requirements, but these build on significant existing requirements and so mitigate the additional reporting burden. Entities registered under Jersey's collective investment funds law or supervisory bodies law will also be affected, but they will face the lowest reporting requirements.
The data collected will be used by the Commission to develop a more objective, data-based risk assessment process. Data will be required in connection with license applications and on an ongoing basis.
A consultation paper has been published, which sets out a broad overview of what data is intended to be collected, but not how it will be collected. The Commission says it intends to collect the new risk data as part of a wider data collection program, which is designed to streamline data collection processes and minimize costs.
The Commission has invited interested parties to give their views on the proposed reporting requirements by November 8, 2017. It is intended that further consultation will take place prior to implementation of any proposals.
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