The Jersey Financial Services Commission has published a consultation on its codes of practice, which will affect all registered persons under the Financial Services (Jersey) Law 1998. The consultation is open for responses until 7 January.
Appleby has issued a set of summaries and observations to help professionals consider whether to respond to the consultation and help shape the future of Jersey’s regulatory environment.
The JFSC’s amendments fall into three broad categories:
• Amendments of a maintenance character – clarifying certain rules and concepts or enhancing stylistic consistency across various codes
• Amendments that modify regulatory requirements as a result of issues the JFSC has identified during its supervision of registered persons
• Amendments designed to ensure the JFSC’s regulatory requirements comply and keep up to date with international standards.
Some of the proposed amendments are generic and affect all codes, while others target specific codes. The JFSC believes none of the proposals should be overly onerous, costly or time-consuming for registered persons to implement.
It acknowledges that some registered persons may require a lead-in period to update internal procedures following the new changes to the codes.
It is the regulator’s intention to bring the amended codes into force two months after they are issued.
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