Update

Regulatory Update - Jersey - Summer 2018

In a bid to persuade you that there is news out there that doesn't involve Brexit, Trump or football, here is our latest round up of regulatory developments in Jersey!

As you will see from the short summaries in this edition of our update, the last quarter has seen a real mix of legislative change, court judgments and new guidance and consultation from the JFSC, all of which should be of interest to the regulated community in Jersey.

In the rush for the publishing deadline, however, there are inevitably a few developments that arise at the last minute but are still worthy of a passing mention here.

The JFSC has published a guidance note on the application process for issuers of Initial Coin Offerings (ICOs),which is intended to 'illustrate [the JFSC's] commitment to fintech developments' in a manner that is 'permissive and promotes innovation and new enterprise', whilst also maintaining safeguards to protect investors.

The JFSC has also now published a further update in relation to Phase II of the Risk Data Collection Exercise, setting out a new timetable for data collection. Most regulated businesses can relax for the rest of the summer, until the end of August, by which time they will receive further details on data collection over the following months, but those who are supervised for AML purposes only, as well as FSB managed entities and certain specific standalone activities, will receive notice by end of July for reporting by end of September.

Finally, the JFSC has also published feedback on its themed visits in relation to revised Registry requirements on beneficial owners and controllers and, following the Francis case that we mention below, a new guidance note on integrity and competence. We'll take a closer look at all of these recent publications in our next update.

If you would like any more information about these matters or others mentioned in this update, please do get in touch with any of our team mentioned in the update.

Find previous FinReg Updates here.