Update

FinReg Summer Update 2017 - Jersey

Welcome to our Summer 2017 update.

As usual, this update provides a quick round up of the topics discussed at our quarterly FinReg Forum in July. In June, we were also very pleased to join forces with QEB Hollis Whiteman chambers to host the first Mourant Ozannes Financial Services and Regulatory Forum and a summary of the discussions at that event can be found here.

The most time-consuming exceptional project for compliance teams over the last six months will no doubt have been the submission of beneficial ownership and controller details to the JFSC by 30 June and, although the information required largely followed the AML Handbook requirements, there were a few departures from that policy, which Sarah Huelin has monitored carefully and discussed at our last Forum.

The introduction of the JFSC's new policy on outsourcing will have also required some attention, although the key date for previously approved and unchanging outsourcing arrangements is to ensure compliance by 1 June 2018.

This update also discusses other topical issues, but I would particularly draw your attention to the ongoing developments in case law on professional duties, primarily focused on bankers in the Jyske Bank and Triodos Bank cases discussed below, but in fact applicable in much the same way to all professional service providers.

We hope you find this update useful.

Find previous FinReg Updates here.