As a result, Jersey service providers will need to update their processes in respect of the CRS. You’ll receive a daily summary email of new items which have been published. All virtual currency exchanges will be subject to the Anti-money Laundering and Counter-terrorist Financing Handbook. Add a Comment Name: It is proposed that:. The proposal set out in the JFSC’s October 21 policy document is modelled on the Jersey money service business regime.
Director General John Harris added: It’s easy to stay current with blglobal. We would like to ensure that you are still receiving content that you find useful — please confirm that you would like to continue to receive ILO newsletters. Jersey substance proposals — company perspective More articles. However, it is proposed that the codes of practice for certified funds be updated in relation to complaints, including requiring funds to:.
JFSC launches annual business plan Posted: In-house corporate counsel and other users of legal services, as well as law firm partners, bsiness for a free subscription.
The scope of the CRS is far broader than the existing intergovernmental agreements. Virtual currencies and financial technology regulation Following a JFSC consultation in Summerlegislation relating to the regulation and supervision of virtual currency exchangers ie, those that exchange fiat money for virtual currency is expected to come into force in You need to be logged in to make a comment.
This will provide welcome clarity for local service providers and their advisers, and should remove the uncertainty as to the JFSC’s notification requirements. Businews JFSC will provide its responses by February 19 and it is anticipated that the revised codes will be issued during the first half of Consumer complaints Following the establishment of the Channel Islands Financial Ombudsman CIFO on November 16the codes that relate to investment, banking and insurance business have been updated to include regulatory requirements jfwc the handling of consumer complaints.
Just sign up for our email updates! Director General John Harris added: States adviser Colin Powell dies. These returns are then shared with the competent authority of the account holder’s resident jurisdiction. ILO is a busineds online legal update service for major companies and law firms worldwide. It’s easy to stay current with blglobal.
Jjfsc materials contained on this website are for general information purposes only and are subject to the disclaimer. You can update your preferences at any time by registering for a blglobal.
It is proposed that all virtual currency exchanges be subject to the following requirements: The information contained in the form will be used to assist in the JFSC’s supervision of fund service businesses.
Additional changes Other changes include amending the introduction of the codes and updating them to include the new civil penalties regime and the definition of pkan laundering legislation. This year we will look to improve internal procedures, with the aim of providing maximum clarity to all our stakeholders. Most Read News Blue Islands challenges regulator.
The form should be completed by all registered persons that hold a fund service business registration, except for managed entities, which need not complete a return. City Edition View more. The paper proposes amendments to various codes of practice, including the following three key changes. More from this firm Don’t delay — Jersey’s Royal Court rules that time is a factor when deciding whether to exercise its discretion on grounds of mistake At a glance guide to Jersey wills for non-domiciled individuals Undue influence affecting settlors in exercising powers of revocation Asset protection trusts — why the recent interest?
The proposal set out in the JFSC’s October 21 policy document is modelled on the Jersey money service business regime.
Jersey Financial Services Commission updates. Fund service business annual compliance return The JFSC’s Funds Jfcs Team has introduced an annual compliance return for fund services businesses, which requires that registered persons provide information on their businesses annually, bringing it into line with other regulated sectors such as trust company business and banking business.
The proposal suggests that the bisiness explicitly state that all required notifications be provided to the JFSC in vusiness and that this requirement can be satisfied b y email. All virtual currency exchanges will be subject to the Anti-money Laundering and Counter-terrorist Financing Handbook. Your comment has been sent. As such, it may be necessary to appoint a husiness laundering compliance officer and money laundering reporting officer and put policies and procedures in place in order to prevent and detect money laundering and terrorist financing.
Notification requirements It is proposed that all notification requirements set out in the codes be made clear and unambiguous. It is proposed that: Advertising Full details on advertising in the City Magazine and online are available in our Media Pack. Add a Comment Name: