The JFSC has published Feedback [ISSUED AUGUST 2013] on a consultation relating to the possible amendment of Jersey’s regime in relation to the regulation of the activities of those involved in the management of managed accounts.

background

Industry has been concerned for some time that the way in which the business of managing a managed account is regulated is a cause of potential difficulty for registered persons in that it requires the registered person to be registered both for Fund Services Business and Investment Business. Industry has expressed the view not only that no benefit is obtained by requiring dual registration but that the requirement is a hindrance to business.

Next steps

The Commission will liaise with the Law Draftsman over the extent to which the changes in the regime in relation to managed accounts requires amendment to legislation and will instruct the making of such changes as are necessary. The Commission will also consider whether any amendments to the FSB Codes are necessary or desirable in the light of the proposed regime in relation to managed accounts and will publish a consultation paper in relation to any such amendments.

Read more

http://www.jerseyfsc.org/pdf/Feedback_to_CP_No_1_2013_Managed_Accounts.pdf