The Jersey Financial Services Commission has updated its Sound Business Practice Policy following a change in legislation by the States of Jersey.
The policy explains the Commission's approach for granting Control of Borrowing (COBO) consents, which give permission to do business in Jersey. The changes relate to businesses wanting to trade carbon credits or undertake cannabis activities.
Trading carbon credits
This has been listed as a sensitive activity, so the Commission will ask for additional information from businesses that want to trade carbon credits before granting COBO consent.
The JFSC has also specified that companies wanting to trade carbon credits must appoint a Jersey trust company business to administer it if the ultimate beneficial owner of the business is not resident in Jersey.
Cannabis activities
Cannabis activities – which include the cultivation, production, supply, use, export or import of cannabis or any of its derivatives – were already listed as a sensitive activity, but the policy has been changed to clarify that consent is more likely to be granted if the activities:
• Are legal when and where they take place
• Take place in a jurisdiction for which the Government of Jersey has provided an exemption.
To read the updated Sound Business Practice Policy click here