Jersey's Financial Regulator Announces Reforms
by Jason Gorringe, Lowtax.net, London
15 December, 2015
The Jersey Financial Services Commission (JFSC) has released a new report explaining how it intends to change the way it regulates firms to foster innovation.
In its new "A Changing Commission" report, the JFSC said it hopes to "create a regulatory regime that enables firms to innovate and exploit market opportunities, while at the same time ensuring that those organizations behave responsibly and have effective risk management procedures in place to protect consumers."
It said: "These are necessary conditions for the protection of the best economic interests of Jersey and its reputation. Our vision is to deliver balanced, progressive, risk-based financial regulation for Jersey, built on insight, integrity, and expertise."
The regulator said, through the reform, it will aim to improve communications with the financial services industry and better respond to emerging risks.
Specifically, the JFSC will make changes to its structure, its processes, and the systems it has in place. There will be a single consolidated supervisory view per firm, rather than per license, which will enable the Commission to better identify risk. A new supervisory Risk Unit will be created to support supervisors and inform strategy, and a dedicated central On-Site Visit Unit will be developed to undertake examinations. Administrative functions for the regulator's Supervision department will be centralized. In addition, a new web portal will be launched, with new functionality for regulated firms, and the regulator will improve its management of data.
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