JFSC BUSINESS PLAN 2016

Jersey Financial Services Commission updates. As a result, Jersey service providers will need to update their processes in respect of the CRS. The paper proposes amendments to various codes of practice, including the following three key changes. Virtual currencies and financial technology regulation Following a JFSC consultation in Summer , legislation relating to the regulation and supervision of virtual currency exchangers ie, those that exchange fiat money for virtual currency is expected to come into force in The Ogier website can be accessed at www.

Just sign up for our email updates! The materials contained on this website are for general information purposes only and are subject to the disclaimer. Second, exemptions from reporting have been materially removed, except for pre-existing accounts. We would like to ensure that you are still receiving content that you find useful — please confirm that you would like to continue to receive ILO newsletters. Business plan The JFSC unveiled its business plan on February 5 , detailing its objectives and priorities for and beyond. This will provide welcome clarity for local service providers and their advisers, and should remove the uncertainty as to the JFSC’s notification requirements. Your comment has been sent.

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Legislative updates Virtual currencies and financial technology regulation Following a JFSC consultation in Summerlegislation relating to the regulation and supervision of virtual currency exchangers ie, those that exchange fiat money for virtual currency is expected to come into force in Jersey substance proposals — company perspective More articles.

Most Read News Blue Islands challenges regulator. The island’s financial regulator will set out its objectives and priorities for the coming year and beyond. It is proposed that all virtual currency exchanges be subject to the following requirements:.

Want to know when we publish new content? Our Magazines View more. The information contained in the form will be used to assist in the JFSC’s supervision of fund service businesses.

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The materials contained on this website are for general information purposes only and are subject to the disclaimer.

All you need to do is sign up for our newsletter. Register now for your free newsletter. The scope of the CRS is far broader than the existing intergovernmental agreements. The paper proposes amendments to various codes of practice, including the following three buainess changes.

It is proposed that:. Advertising Full details on advertising in the City Magazine and online are available in our Media Pack.

Funds legal and regulatory update – Newsletters – International Law Office

This year we will look to improve internal procedures, with the aim of providing maximum clarity to all our stakeholders. In-house corporate counsel and other users of legal services, as well as law firm partners, qualify for a free subscription.

JFSC launches annual business plan Posted: However, it is proposed that the codes of practice for certified funds be updated in relation to complaints, including requiring funds to:. You need to be logged in to make a comment. We would like to ensure that you are still receiving content that you find useful — please confirm that you would like to continue to receive ILO newsletters. States adviser Colin Powell dies.

Plann of the financial services industry and other interested parties were invited to attend the event.

jfsc business plan 2016

As such, it may be necessary to appoint a money laundering compliance officer and money laundering reporting officer and put policies and procedures in place in order to prevent and detect money laundering and terrorist financing. Consumer complaints Following the establishment of the Channel Islands Financial Ombudsman CIFO on November 16the codes that relate to investment, banking and insurance business have been updated to include regulatory requirements on the handling of consumer complaints.

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You can update your preferences at any time by registering for a blglobal. Business plan The JFSC unveiled its business plan on February 5detailing its objectives and priorities for and beyond.

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The proposal set out in the JFSC’s October 21 policy document is modelled on the Jersey money service business regime. The form should be completed by all registered persons that hold a fund service business registration, except for managed entities, which need not complete a return.

jfsc business plan 2016

Fund service business annual compliance return The JFSC’s Funds Supervision Team has introduced an annual compliance return for fund services businesses, which requires that registered persons provide information on their businesses annually, bringing it into line with other regulated sectors such as trust company business and banking business.

These returns are then shared with the competent authority of the 2106 holder’s resident jurisdiction. Businexs will provide welcome clarity for local service providers and their advisers, and should remove the uncertainty as to the JFSC’s notification requirements.

PUBLIC SPEECHES AND PRESENTATIONS

It is proposed that all virtual currency exchanges be subject to the following requirements: Your comment has been sent.

The CIFO does not oversee certified funds or their functionaries, except buziness relation to recognised funds. Notification requirements It is proposed that all notification requirements set out in the codes be made clear and unambiguous.