JFSC BUSINESS PLAN 2016

City Edition View more. It is proposed that:. It’s easy to stay current with blglobal. Your comment has been sent. All virtual currency exchanges will be subject to the Anti-money Laundering and Counter-terrorist Financing Handbook. Business plan The JFSC unveiled its business plan on February 5 , detailing its objectives and priorities for and beyond.

Businesslife Wealth edition.. This will provide welcome clarity for local service providers and their advisers, and should remove the uncertainty as to the JFSC’s notification requirements. 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? Your comment has been sent. In-house corporate counsel and other users of legal services, as well as law firm partners, qualify for a free subscription. The materials contained on this website are for general information purposes only and are subject to the disclaimer. The proposal set out in the JFSC’s October 21 policy document is modelled on the Jersey money service business regime.

JFSC launches annual business plan – Business News |

This year we will look to improve internal procedures, with the aim of providing maximum bksiness to all our stakeholders. Legislative updates 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.

The JFSC will provide its responses by February 19 and it is anticipated that the revised codes will be issued during the first half of All virtual currency exchanges will be subject to the Anti-money Laundering and Counter-terrorist Financing Handbook. Consumer complaints Following the establishment of the Channel Islands Financial Ombudsman CIFO on November 16the codes that relate to investment, busiess and insurance business have been updated to include regulatory requirements on the handling of consumer complaints.

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The proposal suggests that the codes explicitly state that all required notifications be provided to the JFSC in writing and that this requirement can be satisfied b y email. Pla is businesw that all virtual currency exchanges be subject to the following requirements:. Just sign up for our email updates!

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JFSC launches annual business plan Posted: The island’s financial p,an will set out its objectives and priorities for the coming year and beyond. As a result, Jersey service providers will need to update their processes in respect of the CRS. However, it businews proposed that the codes of practice for certified funds be mfsc in relation to complaints, including requiring funds to: This will provide welcome clarity for local service providers and their advisers, and should remove the uncertainty as to the JFSC’s notification jffsc.

Fund service business annual compliance return The JFSC’s Funds Supervision 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. Our Magazines View more. In-house corporate counsel and other users of legal services, as well as law firm partners, qualify for a free subscription.

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jfsc business plan 2016

It is proposed that:. Business plan The JFSC unveiled its business plan on February 5detailing its objectives and priorities for and beyond.

jfsc business plan 2016

Second, exemptions from reporting have been materially removed, except for pre-existing accounts. The CIFO does not oversee certified funds or their functionaries, except in relation to recognised funds.

jfsc business plan 2016

It is proposed that all virtual currency exchanges be subject to the following requirements: The materials contained on this website are for general information purposes only and are subject to the disclaimer.

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JFSC – JFSC to hold Business Plan Presentation

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The scope of the CRS is far broader than the existing intergovernmental agreements. Members of the financial services industry and other interested parties were invited to attend the event. 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.

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 anti-money laundering legislation.