Jersey Regulator Rejigging Supervisory Approach
by Jason Gorringe, Lowtax.net, London
20 April, 2016
The Jersey Financial Services Commission has announced changes to the way its supervisory functions are structured and organized.
Four new Supervisory Units have been created, based broadly around the business models of the firms that the Commission supervises.
These Supervisory Units will oversee either: banking firms; fund and trust company business firms, covering those with both a fund and trust company license; investment and insurance firms; or TCB and Designated Non-Financial Businesses and Professions (DNFBP) firms, covering those firms holding a sole TCB license, money services businesses, and DNFBPs.
Prior to this reorganization, supervisory teams were organized around individual license types, which meant that entities holding multiple licenses were supervised by multiple teams.
Entities will now be allocated a single supervision unit and will have an appointed supervisor contact within that team. An entity's supervisor will be its principal point of contact at the Commission.
In addition to the new Supervisory Units, the Commission has set up the following new units: a Central Support Unit, to provide administrative support to the Supervisory Units and assist in the development of new supervisory processes; a Supervisory Examinations Unit, to support supervisors in planning and delivering on-site examinations; and a Risk Unit, which will be responsible for identifying emerging threats and risk patterns that require intervention.
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