The CIFO does not oversee certified funds or their functionaries, except in relation to recognised funds. It’s easy to stay current with blglobal. Jersey substance proposals — company perspective More articles. You need to be logged in to make a comment. 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.
It is proposed that all virtual currency exchanges be subject to the following requirements: The scope of the CRS is far broader than the existing intergovernmental agreements. The proposal set out in the JFSC’s October 21 policy document is modelled on the Jersey money service business regime. All virtual currency exchanges will be subject to the Anti-money Laundering and Counter-terrorist Financing Handbook. It’s easy to stay current with blglobal. Business plan The JFSC unveiled its business plan on February 5 , detailing its objectives and priorities for and beyond.
The CIFO does not oversee certified funds or their functionaries, except in relation to recognised funds.
Want to know when we publish new content? 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 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 JFSC will provide its responses by February 19 and it is anticipated that the revised codes will be issued during the first half of The island’s financial regulator will set out its objectives and priorities for the coming year and beyond.
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. States adviser Colin Powell dies.
All you need to do is sign up for our newsletter. The paper proposes amendments to various codes of practice, including busness following three key changes.
PUBLIC SPEECHES AND PRESENTATIONS
This will provide welcome clarity for local service providers and their advisers, and should remove the uncertainty as to the JFSC’s notification requirements. Members of the financial services industry and other interested parties were invited to attend the event. 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 poan for virtual currency is expected bussiness come into force in It’s easy to stay current with blglobal.
However, it is proposed that the codes of practice for certified funds be updated in relation to complaints, including requiring funds to: As such, it may be necessary to appoint a money 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.
The scope of the CRS is far broader than the existing intergovernmental jjfsc. 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 busuness business.
JFSC to hold Business Plan presentation – Business News |
It is proposed that all virtual currency exchanges be subject to the following requirements: All virtual currency exchanges will be subject to the Anti-money Laundering and Counter-terrorist Financing Handbook. Your comment has been sent.
The information contained in the form will be used to assist in the JFSC’s supervision of fund service businesses. Notification requirements It is proposed that all notification requirements set busienss in the codes be made clear and unambiguous. The proposal set out in the JFSC’s October 21 policy document is modelled on the Jersey money service business regime.
More from this firm Don’t delay — Jersey’s Busimess Court rules that time is a factor when deciding whether to exercise its discretion on plam 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? It is proposed that:. Jfsx 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.
Second, exemptions from reporting have been materially removed, except for pre-existing accounts. This year we will look to improve internal procedures, with the aim of providing maximum clarity to all our stakeholders. ILO is a premium online legal update service for major companies and law firms worldwide.
Business plan The JFSC unveiled its business plan on February 5detailing its objectives and priorities for and beyond. You need to be logged in to make a comment.
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. As a result, Jersey service providers will need to update their processes in respect of the CRS.