The Chief Minister’s Department has recently issued a consultation paper on proposed changes to the Trusts (Jersey) Law 1984 (“Trusts Law“).  The consultation paper covers a number of areas where amendments to the Trusts Law might be considered. These include such areas as the need for a beneficiary at all times during the existence of […]

On 3 November 2015, the PRA issued a speech given by Andrew Bailey, PRA Chief Executive and Bank of England (BoE) Deputy Governor for Prudential Regulation, on governance and the role of boards in banks, insurers and major investment firms. http://www.bankofengland.co.uk/publications/Documents/speeches/2015/speech858.pdf In his speech, Mr Bailey considers the role of boards in the broader setting […]

We are consulting on procedural guidance relating to the competition powers we will get on 1 April 2015 and minor amendments to the FCA Handbook. Why are we consulting on this? We have designed our procedures with the aim of using our competition powers effectively and efficiently. This should benefit consumers through detecting, enforcing against […]

In the JFSC November 2014 REVISIONS the TCB Sector specific AML/CFT HANDBOOKS, CONSULTATION PAPER AML 4, 2014, the JFSC outline who the customers will be in 3 distinct service propositions and situations (acting as, providing services and formations) and as follows Acts 2.4.3.1 In the case of a relevant person that carries on trust company […]

ppendix 1 Consultation Paper No.2 2014 – Civil penalties: Draft Primary Legislation Response from Bedell Cristin Dear Mr Byrne Consultation Paper No. 2 2014 Civil Penalties: Draft Primary Legislation This response is divided into (A) points of substance having regard to a number of principles; and (B) detailed comments. A. Points of Substance 1. It […]

The following text is extracted from the letter sent by Jersey finance to the JFSC in response to JFSC Consultation Paper No. 2 2014 – Civil Penalties: Draft Primary Legislation (see link below or attached for full and complete text) We refer to JFSC Consultation Paper No. 2 2014 – Civil Penalties: Draft Primary Legislation […]

Today, the Jersey Financial Services Commission (the “Commission”) has issued a Consultation Paper on proposals to amend the Money Laundering (Jersey) Order 2008. The Consultation Paper deals with a number of comments by the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (“MONEYVAL”) in 2013 and is intended […]

The Financial Conduct Authority (“FCA”) has published its policy statement on Changes to the use of dealing commission rules PS 14/7, which covers the issues arising from the FCA’s consultation paper CP 13/17, published in November 2013 and also includes the final revised rules which are made by way of changes to COBS 11.6 of […]