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By way of background “Thematic examinations” allows the JFSC to better understand particular thematic risks that cut across a range of firms in a specific sector or affect a sector as a whole.  In conductiong these thematic reviews the JFSC, address thematic risks using a range of tools including questionnaires, on-site visits and guidance. For […]

Guernsey has released further detail and draft legislation addressing the economic substance requirements for Guernsey companies. Continuing their global leadership on compliance issues amongst international finance centres, Guernsey together with the Isle of Man and Jersey produced legislation in consultation with industry intended to be practical and efficient while continuing to meet the needs of […]

The EU has put pressure on offshore centres such as Jersey, Guernsey and the Isle of Man to make sure that companies which are tax resident there have genuine local substance. Recently issued guidelines extend the scope of the EU’s Code of Conduct for Business Taxation with respect to companies located in zero tax territories. […]

Example of good and poor practices, which provide guidance that is helpful. Also, this is to a reminder of supervisory expectations. The FCA has published TR18/3 presenting a outcome from its thematic review of the anti-money laundering (AML) and counter-terrorist financing (CTF) system and controls in thirteen Electronic Money Institutions (EMIs). Also the overview, just […]

Introduction 1. Jersey, Guernsey and the Isle of Man have been working together to address the concerns of the EU Code of Conduct Group (Business Taxation) (“the COCG”) regarding economic substance. 2. As part of a review of over 90 jurisdictions, the EU Code Group concluded that a. Jersey and the other Crown Dependencies were […]

In the context of Jersey’s financial services industry, the risk of modern slavery occurring in the operations of financial institutions is generally considered low, mainly because of the use of a skilled, professional workforce. However, all financial institutions have supply chains, which carry some risk. As an officer of a commercial organisation carrying on business […]

Introduction a) Data protection and privacy laws will be reformed across Europe when Regulation (EU) 2016/679, commonly known as the General Data Protection Regulation (GDPR), comes into force on 25 May 2018. The GDPR builds on existing legislation and seeks to harmonise and enhance data protection and privacy laws across the EU. It also introduces […]

The JFSC has Issued on December 2017 ITS Feedback on Consultation Paper  No. 6 2017 on the maintenance / amendments to Codes of Practice, and other amendments to address regulatory concerns and to ensure Jersey’s compliance with international regulatory standards The net result is the Amended Codes (in the form consulted on, save for the […]