Jersey Financial Services Commission

We are proud to share the findings of Jersey’s MONEYVAL report, which confirms that Jersey’s effectiveness in preventing financial crime is among the highest level found in jurisdictions evaluated around the world. This is a significant moment for our island. The positive outcome cements Jersey’s position globally as a leading jurisdiction to do business with and drives forward the island’s long-term economic success. The report recognised our strengths at the JFSC, including our beneficial ownership regime and our people’s knowledge, skills and expertise. We would also like to thank the Government of Jersey team, our agency colleagues, and all our industry partners. Focus areas now for us include: - enhancing background checks for principal and key persons - undertaking a review of how we assess supervisory findings, which will help boards and compliance functions further their understanding of seriousness - ensuring the right enforcement action is taken at the right time and that actions continue to be carefully considered based on the severity of the breaches identified and associated risks Every MONEYVAL report has recommended actions, which we welcome as an integral part of being a high-performing regulator. We had identified many of these actions before the report’s publication, and the work is already underway. The positive MONEYVAL outcome affords Jersey the opportunity to leverage compliance with international standards as a platform for future growth. The success of MONEYVAL has shown that when we work closely with others, we deliver far better results. We welcome collaborating with the Government of Jersey and industry on the strategic review of the regulation of the financial and professional services sector. Find out more about the report here: https://lnkd.in/drFUu8xQ We have put in place a high-level action plan to address the key recommended actions and will expand further on this in the autumn, along with a programme of industry engagement. #MONEYVAL #JerseyCI #CombattingFinancialCrimeTogether

Yesterday, we presented at the JSCCA- Jersey Society of Chartered and Certified Accountants CPD event.   Lee Sabiston, Jenna Caunce, Sam Davison, Tarun Sapahia,FRM and Kate Rogers covered how best to prepare for an onsite visit from the JFSC. This included background on how firms are selected, the examination process, common pitfalls and findings, as well as the outcomes you can expect from the visit.   Find out more about the examination process on our website: https://lnkd.in/euzybzk2 

We have published feedback from our consultation with Jersey’s finance industry on proposals to align our fee cycle with the calendar year and to increase fee rates by 6% for: - Investment businesses - Funds businesses - Insurance businesses - Alternative investment fund - Collective investment funds - Jersey private funds - Control of Borrowing Order - Qualifying segregated managed accounts Following industry feedback, we will be proceeding with the proposals. Our new fee notices are available on our website, and relevant firms will receive a notification via myJFSC that an invoice is available. Read our industry update for more information: https://lnkd.in/ep_zzuus

Huge well done to our Canaccord Corporate Cup team. It was a hot one today, but we still saw some impressive performances out there. See you next month!

We are pleased to announce the appointment of Alan Ainsworth as Executive Director of Policy, Innovation and Marketing & Communications. For the last six years, Alan was the Strategy, Policy and Standards Director for Open Banking Limited in the UK, and has more recently been working for the Cambridge Centre for Alternative Finance as their Open Finance Lead. He also brings over 30 years’ experience in banking, payments and FinTech, including leading government relations for Barclays and Barclaycard consumer and payments businesses for over a decade. Alan will have overall responsibility for the development and maintenance of Jersey’s financial services regulatory framework, including related local and international stakeholder engagement. He will also be responsible for the JFSC’s Marketing and Communications team, and the JFSC’s Innovation Hub. Read more: https://lnkd.in/d-KZwZTi

The States of Jersey has declared Monday 15 July a public holiday on the island, to allow people to celebrate the visit of King Charles III and Queen Camilla. Please be advised we will be closed on this day, reopening Tuesday 16 July.

Yesterday, Caroline Morgan, Senior Manager in Regulatory Risk, joined Jersey Finance's Developing Global Opportunities Together event, where she presented to members on the benefits of quality data. Caroline highlighted the importance of submitting accurate, complete and consistent data as well as showing how the data is used to help member firms gain insights into regional and sectoral business flows. We look forward to future collaboration with industry members, local agencies and government bodies.

In this Supervision monthly update, Director Eleanor Sharples rounds up our June activity and shares what you can expect to see this month, including Jersey private funds annual compliance returns being added to the myJFSC platform and a thematic assessment visit for non-profit organisations on identification and mitigation of diversion risk. If there's anything you'd like to see more of in future updates, let us know in the comments - we'd love to hear from you. For more information about joining our team, get in touch with us at [email protected]

Executive Director of Supervision David Eacott joined an expert panel at Mourant Trusts Forum to discuss how trustees are blending regulatory considerations into their fiduciary roles. David spoke about the importance of partnership between industry, regulator and government to establish a regulatory approach that balances stakeholder expectations and supports industry development in Jersey. David also highlighted the work we’re doing at the JFSC to improve our service delivery. We know from our industry survey that local engagement is a priority for our industry stakeholders. The forum was the latest in our programme of meetings, consultations and speaker events with the trusts sector and forms part of our wider industry engagement work.  #Jersey #PrivateWealth #Trusts

We have sent out annual fees invoices for those who have registered for Schedule 2 through an anti-money laundering service provider (AMLSP), excluding accountants and lawyers. The invoices have been sent to AMLSPs on the underlying persons’ behalf. Read more in our industry update: https://lnkd.in/e4FJ74bS