Jersey Regulator Publishes 2015 Report
by Jason Gorringe, Lowtax.net, London
21 July, 2016
Jersey's financial services regulator, the Jersey Financial Services Commission, has published its Annual Report and financial statements for 2015.
Developments in the 2015 calendar year included that Jersey was recommended for an "Alternative Investment Fund Managers Directive (AIFMD) European fund management passport," one of the very first jurisdictions to receive such a recommendation.
The assessment by the Council of Europe's Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, known as MONEYVAL, took up a significant amount of the regulator's time, and the final report is expected to be positive.
On the enforcement front, a significant development during 2015 was the Commission's new power to impose financial penalties of up to GBP4m (USD5.3m) on registered persons for significant and material breaches. The Commission says the powers will be exercised in a reasonable and proportionate manner with the aim of protecting consumers, the reputation of Jersey's finance industry, and deterring and preventing financial crime.
The report notes that 2016 will bring multiple challenges, with continued financial market uncertainties and the UK expected to leave the European Union, and the risk of cyber attacks and data breaches.
The Chairman said the Commission is monitoring economic and regulatory developments from the UK Budget, OECD action on taxation and BEPS in particular, Fintech, Regtech, virtual currencies, and the prospect of utilizing block chain technology to make financial services systems more robust and reliable.
See all of today's news