Jersey’s financial services regulator, the Jersey Financial Services Commission, is consulting on proposed changes to the Codes of Practice that registered persons on the island must comply with.
The Codes of Practice are issued by the Commission and set out regulatory requirements for registered persons, including funds, insurers, deposit-takers, and other entities. Contravention of a Code of Practice can result in regulatory action being taken against a registered person.
The proposed amendments to the Codes fall, broadly, into three categories: amendments that have been termed “routine maintenance” – for example, to improve the clarity of certain provisions in the Codes; amendments that will modify regulatory requirements in order to address issues the Commission has identified during the course of supervising registered persons; and amendments to ensure the Commission’s regulatory requirements comply with international standards.
Interested parties are invited to comment on the consultation paper by October 18, 2017.
The Commission says that it intends to issue the proposed amended Codes during the fourth quarter of 2017. The new Codes will then come into force two months after they are issued.