The ‘jumbo’ directorships scandal in Cayman would not be repeated in Jersey, which enjoys robust regulation of non executive directors, writes Sarah Rayson, director of DCG Funds Services. A good board of directors requires a mix of skills, experience and backgrounds. The need for independence is a given and non executive directors (NEDs) can play […]

Please note there has been changes to the Appendix D2 – Sources 7 and 9. The driver for these changes are revisions and updates in line with Corruption Perceptions Index 2013 and Worldwide Governance Indicators (WGI) project. http://www.jerseyfsc.org/pdf/Part_4_AML_Handbook_2013_Dec_24.pdf

On the 18th December 2013 the Money Laundering (Amendment No. 6) Order came into force – the changes included 1Interpretation 2Article 1 amended 3Article 10A amended 4Article 11 amended 5Article 13 amended 6Article 16 substituted 7Article 17 substituted 8Article 18 amended 9Article 19 amended 10Article 22A amended Within the above an important change for all […]

The transitional period for the CFPO (which came into force on 18 November 2012) is due to expire in November 2013. Any fund that is currently marketing, but availing of the transitional period, must update its offer document to ensure compliance with CFPO by November 2013.

Jersey new Regulations (the Taxation (Implementation) (Disclosure Facility) (Jersey) Regulations 2013) provide that Jersey fund administrators and Jersey funds must make any clients who were resident in the U.K. for tax purposes between 6 April 1999 and 31 December 2013 aware of the availability of the disclosure facility with HMRC by 31 December 2013. To […]

The consultation process in relation to the regulatory treatment of managed accounts has continued, with the JFSC issuing feedback papers in August and October 2013. The aim of the consultation was to simplify the regime by creating a new category of fund services business (that of managing a managed account) and exempting such managers from […]

Further to our earlier updates on the Review of Financial Advice (RFA) (the JFSC’s version of the UK’s Retail Distribution Review), the JFSC has now published a paper setting out its final position. That paper confirms that only persons registered to undertake Class C and D investment business will be affected by the RFA. The […]

The introduction of the RFA will result in certain changes to the Investment Business Codes of Practice. The proposed changes are set out in a consultation paper issued by the JFSC and the principal changes of note are: Differentiating between professional clients and retail clients and requiring registered persons to develop policies, procedures and controls […]