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JFSC proposes regulation changes

The Jersey Financial Services Commission has published a consultation paper proposing amendments to the Commission’s regulatory laws.

The consultation paper proposes giving the Commission the power to prevent individuals from working in the prudentially supervised finance sector and extending the principal person regime to include key people such as compliance officers and money laundering reporting officers.

The paper also calls for amendments to the ‘fit and proper’ criteria for businesses and individuals, additional provisions for appeals against administrative decisions and changes to the statutory gateways that permit the Commission to release confidential information to third parties.

The amendments are being proposed ahead of the International Monetary Fund’s assessment of the Island’s regulatory framework.

Jersey Financial Services Commission director, international and policy Andrew Le Brun says: “The last IMF assessment concluded that Jersey was compliant or largely compliant with all of the principles against which it was assessed. Since that assessment, there have been a number of changes to international regulatory standards, and this consultation paper, and the draft legislation that is attached, responds to some of those changes.”

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