The JFSC has issued consultation on proposals regarding enhancements to the investment business regime. With the exception of a proposal to introduce protection for vulnerable investors, the JFSC considers none of the enhancements to exceed the requirements of equivalent and proximal regulatory regimes such as the FCA requirements or MiFID II.
Why
The rationale for each proposal predominantly relates to enhancing the IB regime BY TAKING ACCOUNT OF Recommendations/regulatory practice from the
- International Organisation of Securities Commissions (IOSCO),
- Financial Conduct Authority (UK) (FCA), the Markets in Financial Instruments Directive (MIFID – 2014/65/EU) and
- the Markets in Financial Instruments Regulation (MiFIR – 600/2014/EU) (MiFID II), A number of proposed enhancements respond to facets of MiFID II but only where relevant and proportionate to the Jersey industry.
or
4.responding to global commitments such as The Group of Twenty (G20)
The above have been considered with the desired outcome being enhanced protection for the consumer and for the integrity of Jersey and its financial services industry.
What is proposed
In Section 4 of the CP detailed Code of Practice for Investment Business (IB code) changes are proposed and where appropriate updated guidance is also proposed.
In Section 5 of the CP in-principle law change proposals are also included for consultation feedback; these will then be considered by Government prior to a subsequent detailed legislative CP being issued.
JFSC
The JFSC considers all of the changes to be regulatory enhancements/clarifications maintaining Jersey’s IB regime alignment with international standards.
READ MORE http://www.jerseyfsc.org/media/1887/consultation-paper-no-4-2018-ib-enhancements-june-2018.pdf
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