Jersey Financial Services Commission

We have published feedback from our consultation with Jersey’s finance industry on proposals to align our fee cycle with the calendar year and to increase fee rates by 6% for: - Investment businesses - Funds businesses - Insurance businesses - Alternative investment fund - Collective investment funds - Jersey private funds - Control of Borrowing Order - Qualifying segregated managed accounts Following industry feedback, we will be proceeding with the proposals. Our new fee notices are available on our website, and relevant firms will receive a notification via myJFSC that an invoice is available. Read our industry update for more information: https://lnkd.in/ep_zzuus

Huge well done to our Canaccord Corporate Cup team. It was a hot one today, but we still saw some impressive performances out there. See you next month!

We are pleased to announce the appointment of Alan Ainsworth as Executive Director of Policy, Innovation and Marketing & Communications. For the last six years, Alan was the Strategy, Policy and Standards Director for Open Banking Limited in the UK, and has more recently been working for the Cambridge Centre for Alternative Finance as their Open Finance Lead. He also brings over 30 years’ experience in banking, payments and FinTech, including leading government relations for Barclays and Barclaycard consumer and payments businesses for over a decade. Alan will have overall responsibility for the development and maintenance of Jersey’s financial services regulatory framework, including related local and international stakeholder engagement. He will also be responsible for the JFSC’s Marketing and Communications team, and the JFSC’s Innovation Hub. Read more: https://lnkd.in/d-KZwZTi

The States of Jersey has declared Monday 15 July a public holiday on the island, to allow people to celebrate the visit of King Charles III and Queen Camilla. Please be advised we will be closed on this day, reopening Tuesday 16 July.

Yesterday, Caroline Morgan, Senior Manager in Regulatory Risk, joined Jersey Finance's Developing Global Opportunities Together event, where she presented to members on the benefits of quality data. Caroline highlighted the importance of submitting accurate, complete and consistent data as well as showing how the data is used to help member firms gain insights into regional and sectoral business flows. We look forward to future collaboration with industry members, local agencies and government bodies.

In this Supervision monthly update, Director Eleanor Sharples rounds up our June activity and shares what you can expect to see this month, including Jersey private funds annual compliance returns being added to the myJFSC platform and a thematic assessment visit for non-profit organisations on identification and mitigation of diversion risk. If there's anything you'd like to see more of in future updates, let us know in the comments - we'd love to hear from you. For more information about joining our team, get in touch with us at [email protected]

Executive Director of Supervision David Eacott joined an expert panel at Mourant Trusts Forum to discuss how trustees are blending regulatory considerations into their fiduciary roles. David spoke about the importance of partnership between industry, regulator and government to establish a regulatory approach that balances stakeholder expectations and supports industry development in Jersey. David also highlighted the work we’re doing at the JFSC to improve our service delivery. We know from our industry survey that local engagement is a priority for our industry stakeholders. The forum was the latest in our programme of meetings, consultations and speaker events with the trusts sector and forms part of our wider industry engagement work.  #Jersey #PrivateWealth #Trusts

We have sent out annual fees invoices for those who have registered for Schedule 2 through an anti-money laundering service provider (AMLSP), excluding accountants and lawyers. The invoices have been sent to AMLSPs on the underlying persons’ behalf. Read more in our industry update: https://lnkd.in/e4FJ74bS

We have updated our Jersey Private Fund Guide to improve the Jersey Private Fund regime. The updates are the product of significant collaboration with the Government of Jersey, the Jersey Funds Association, the Jersey Association of Trust Companies and Jersey Finance, and we thank everyone involved. Our industry update includes a summary of the changes we have made to the guide, a link to the updated guide and a link to the redline document. Read it here: https://lnkd.in/eDSavJUP

In 2023, we assessed the compliance of natural persons regulated to provide director services with certain parts of the trust company code, the Money Laundering (Jersey) Order 2008 and the AML/CFT/CPF code.   The relevant licence holders should consider the findings and best practice highlighted in our feedback against their own arrangements.   See a summary of our observations and findings below, and read the full paper here: https://lnkd.in/e93ZERKM