Update

Financial Services & Regulatory Autumn Update 2015

The aim of this update is to focus on current legal and regulatory developments affecting financial services institutions in Jersey and to provide some brief thoughts on the implications of these developments for your business.

Q2 this year ended with the JFSC showing its teeth in two prosecutions, AG v Fleming and AG v STM Fiduciaire and Jardine. Prosecutions instigated by the JFSC are still sufficiently rare in Jersey to cause a heightened state of tension across the local industry, especially amongst compliance professionals following the targeting of Jardine, who was an MRLO.

This update is not, however, all about enforcement action, as there are also positive developments for the industry. In particular, regarding the use of electronic apps for CDD. We have also focussed on the extension of the Discrimination Law as of 1 September 2015.