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JFSC releases Codes of Practice consultation paper

The Jersey Financial Services Commission has issued a consultation paper proposing amendments to the Codes of Practice for investment, deposit-taking, insurance and trust company business.

The JFSC says the proposals put forward fall into four main types; bringing Jersey’s regulatory framework in line with international standards, maintaining consistency between the Codes for the various financial sectors, taking account of changes in industry practice and clarifying areas of the Codes with interpretation issues.

Extensive amendments are proposed to the Investment Business Codes of Practice, which have not been revised since 2001.

Responses to the Consultation Paper must be submitted by October 12, 2007.

The International Monetary Fund will conduct a review of the island’s regulatory and supervisory framework in 2008, assessing the extent of Jersey’s observance of the Codes of Practice.


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