Jersey Updates Basel II Guidance
by Amanda Banks, Lowtax.net, London
17 March, 2017
Jersey's financial services regulator, the Jersey Financial Services Commission, recently issued guidance on the capital adequacy risk management systems that certain Jersey deposit takers must have in place.
The guidance applies to Jersey-incorporated registered deposit takers and clarifies deposit takers' obligations regarding Individual Capital Adequacy Assessment Process (ICAAP) under Basel II.
Its guidance has been updated to reflect new international standards regarding recovery planning, relevant to the development of contingency plans. The guidance must be followed for ICAAPs dated October 1, 2017, or later, but banks may opt to follow the revised guidance earlier.
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