The Jersey Financial Services Commission and the Government of Jersey are holding a free-to-attend event on 21 July to enable businesses and individuals to hear about two consultations currently under way on:
• Extending the civil financial penalties regime
• Streamlining the decision-making process the regulator follows for enforcement cases.
Senator Ian Gorst, Minster for External Relations and Financial Services, and George Pearmain, Director of Financial Crime Strategy, will be joined by Jill Britton, JFSC Director of Supervision, and Kerry Petulla, Director of Enforcement, for this one-hour lunchtime session.
Facilitated by Lisa Springate, it will cover:
• The proposed changes to expand the civil financial penalties regime legislation
• The reasons for the changes and what they mean for businesses and individuals
• How the JFSC is seeking to streamline its decision-making process and what this would mean for businesses and individuals who go through the process
To register for this event click here
New banking business legislation delayed
Following the JFSC's consultation in December 2020 on proposals to bring into force new requirements relating to accounts, auditors and reports for the banking sector – under the Banking Business (Accounts, Auditors and Reports) (Jersey) Order (New Order) – the Commission has decided to delay the introduction of these requirements until 2022 to give businesses more time to prepare.
The JFSC has said it will shortly publish a summary of the feedback received as well as more details on the next steps and timelines.