Annual Report 2014 - the Jersey Financial Services Commission

that we match international standards of banking, securities, trust company business, and insurance ...... the risk of information security breaches, we utilise.
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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<