Jersey Consults on Regulatory Changes

Christopher Owen

23 October 2007

The Jersey Financial Services Commission has issued a consultation paper setting out proposals to amend and introduce new secondary legislation prior to the International Monetary Fund’s reassessment of the island’s regulatory framework. The proposed legislative changes include repealing the secondary legislation under the Trust Company Business and Investment Business laws relating to accounts, audits and reports, and replacing it with a single piece of legislation designed to cover both business sectors. The changes also include repealing the secondary legislation that currently places requirements on trust company businesses with respect to safekeeping customer money. The IMF last assessed Jersey, along with Guernsey and the Isle of Man, in 2003. It is currently expected that the Crown Dependencies will be re-assessed in the second half of 2008.