Jersey has introduced a ‘regulatory sandbox’ to enable businesses that provide virtual currency exchange services to experiment and test new products and applications in the crown dependency. Changes to two pieces of legislation that were approved unanimously in June are now in force. The coupled effect of the reforms and an exemption order means that […]

THE 8 SHARED BUSINES RISK The Jersey Financial Services Commission (JFSC) and Industry agree that the following pose the most severe of the different risks facing companies in Jersey with financial crime risks being the most severe risks. Terrorist funding and Secondarily financial crime more generally Other risks cited included Financial failure, loss of confidential […]

As we enter September, it is worth taking a look back over the summer months to remind ourselves what has been happening down at the JFSC-Towers. Amendments to codes of practice On May 18, 2016, the JFSC published feedback on its Consultation on Amendments to Codes of Practice. These amendments seek to: ensure that all […]

An area that many Jersey firms forget about particularly those with overseas ownership is the change Of Control Obligations under The Financial Services (Jersey) Law 1998.  This briefing is of interest to entities carrying on financial service business for the purposes of the Financial Services (Jersey) Law 1998, as amended (the “FSJL”) and highlights a […]

Chinese wealth manager set up its Ark Trust (Jersey) Ltd with help from Jersey partner JTC. US-listed Chinese wealth manager Noah Holdings Ltd said it has obtained a licence to offer trusts to wealthy Chinese in the offshore financial centre of Jersey, reflecting increased Chinese demand to allocate assets overseas. Noah said it was the […]

According to the latest 2015 annual report from the Jersey Financial Services Commission, the JFSC Opened 76 new enforcement cases last year, compared to 93 in 2014 Issued 95 formal notices requiring information and Issued 21   notices requiring people to come in for formal interview. Issued 15 Fifteen public statements – these identified regulatory or […]

JFSC AML/CFT Handbooks: Appendix D1 and D2 have been updated:  http://www.jerseyfsc.org/pdf/Part-1-Appendix-D2-amendments-1-August-2016.pdf

Rationalisation and Consolidation of Jersey’s Private Fund and Unregulated Fund Regimes – A joint consultation paper on proposals to: › introduce a new very private placement fund guide; › introduce a new multi-purpose Jersey “professional investor” definition; › introduce modern regulatory powers in the Control of Borrowing (Jersey) Law 1947; › phase out COBO only […]