Annual Report 2014 - the Jersey Financial Services Commission

Assessment Program Report. › OECD “white list” ... that we match international standards of banking, securities, trust company business, and insurance .... objectives in this small, highly specialised jurisdiction. The scale ..... our markets. The financial services sector is the dominant industry in Jersey and accounts for some.
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› Jersey Financial Services Commission › Annual Report 2014

› Full and active IOSCO member › OECD “white list” jurisdiction › Top IMF rating from 2009 Financial Sector Assessment Program Report › Financial Stability Board Group 1 jurisdiction › 27 AIFMD co-operation agreements › IACA Merit Award 2014

Introduction

The Jersey Financial Services Commission ›

The Jersey Financial Services Commission (JFSC) is the financial services regulator for the Island of Jersey. It is responsible for: a/ The supervision, authorisation, oversight and development of financial services in or from within Jersey b/ Providing the States of Jersey with reports, advice, assistance and information in connection with financial services c/ Making recommendations for Laws and Regulations applying to the finance industry

Introduction

The Jersey Financial Services Commission / Continued ›

The Commission aims to: › Ensure that all authorised financial services and individuals meet appropriate criteria and that we match international standards of banking, securities, trust company business, and insurance regulation, as well as anti-money laundering and terrorist financing defences › Be effective in combatting terrorism and financial crime as part of the wider international effort in this respect › Work closely with fellow regulators and law makers to ensure access to efficient and effective markets for financial services › Be an agile and thoughtful regulator in reducing risk to depositors and investors whilst being proportionate so that the costs of regulation do not outweigh their benefits

Contents › 01 Highlights of the year › 02 › 03 › 04 › 05 › 06 › › › › ›

Chairman’s Statement Director General’s Statement Understanding our markets How it all comes together Divisional Reports 06.1 Policy and Strategy 06.2 Supervision 06.3 Enforcement 06.4 Registry 06.5 Finance and Resources

› 07 › 08 › 09 › 10 › 11

Corporate Governance Financial Statements Audit Report Financial Reports Appendices

01

Highlights of the year 01

2014 – › February 02 /

› April 04 /

› Annual Returns* processed

› Memoranda of Understanding signed with CSRC** (China) and ESCA** (UAE)

› January

› March

› May

› Review of Financial Advice (RFA) launched (enters into force)

› Funds regime review scope agreed with Government and launched

› New Executive Director appointments to the JFSC

01 /

03 /

05 /

01

Highlights of the year 02

2014 – › July 07 /

› AIFMD transitional arrangements end

› June 06 /

› Lord Eatwell appointed Chairman of the JFSC

› August 08 /

› Launch of Jersey Government Financial Services Framework

› September 09 /

› Civil Penalties legislation lodged with States of Jersey. Preparatory work begins for MONEYVAL AML/CFT evaluation

01

Highlights of the year 03

2014 –

› December 12 /

› November 11 /

› October 10 /

› MONEYVAL preparations begin in full. Civil Penalties legislation passed

› 20

› 36

› 11

› 17

› 42

› 48

› Banking › Funds › Insurance › Investment Business › TCB › AML Unit › TOTAL

› Revised GIFCS*** Statement of Best Practice for Trust & Company Service Providers launched

› › ›

* ** ***





20 36 11 17 42 48 174

Jersey company renewals China Securities Regulatory Commission and Emirates Securities and Commodities Authority The Group of International Finance Centre Supervisors

02



Chairman’s Statement<