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Jersey Regulator Consults On Basel III Banking Regime Changes

by Jason Gorringe, Lowtax.net, London
18 May, 2017

Jersey's financial services regulator, the Jersey Financial Services Commission, is proposing changes to the liquidity management, monitoring, and reporting obligations of banks under its supervision.

The central proposal is for the implementation of a revised standard of liquidity for Jersey incorporated banks, known as the Liquidity Coverage Ratio. This new standard is based on Basel III, the regulatory framework for banks developed by the Basel Committee on Banking Supervision.

Changes are also proposed to prudential reporting requirements. These reporting requirements are more extensive than current requirements applying to Jersey incorporated banks, reflecting a desire to more fully understand a bank's liquidity position including, but not limited to, its Liquidity Coverage Ratio. More limited reporting requirements are proposed for overseas incorporated banks, to provide the necessary understanding of their liquidity, while recognizing that the principal responsibility for oversight rests with the home regulator of these banks.

The other main change would require Jersey incorporated banks to make an annual assessment of internal liquidity, subject to supervisory review, building on similar current requirements regarding capital adequacy.

Interested parties are invited to comment on the proposals by July 26, 2017.

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