Annual Report 2015 - the Jersey Financial Services Commission

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› Jersey Financial Services Commission › Annual Report

2015

› Maintaining and developing market access for Jersey businesses in Europe and the world

Contents

› Jersey Financial Services Commission ›

Annual Report 2015





00 Highlights and Achievements



01

The Jersey Financial Services Commission: Our Role

03 – 08



02

Chairman’s Statement

09 – 12



03 Director General’s Statement

13 – 16



04 Summary of Activities

17 – 36



04.1 Policy

19 – 20



04.2 Supervision

21 – 22



04.3 Supervisory Review

23 – 24



04.4 Enforcement

25 – 26

› 04.5 Operations / Internal Change Programme

27 – 28



04.6 Registry

29 – 30



04.7 Finance and Resources

31 – 33



04.8 Principal Risks and Uncertainties

34 – 36



05 Governance

37 – 48



06

Independent Auditor’s Report to the Chief Minister of the States of Jersey

51 – 54



07

Financial Statements

55 – 70



08 Appendices

73 – 76



09 Notes

77

p. 01 – 02

› Annual Report

2015

p.01

00

Highlights and Achievements

Highlights and Achievements for 2015 › 04

› The JFSC 2015 Business Plan presentation attended by over 200 members of Industry › 01

› 05

› Development of and initial implementation of the Change Programme

› The JFSC signs MoU with South Africa

› 02

› 06

› Appointment of Simon Morris, Peter Pichler & Michael de la Haye as Commissioners

› Leadership development training for senior managers

› 03

› 07

› New Communications function for the JFSC

› International Association of Commerical Adminstrators Merit Award for Jersey Registry

p.02

Annual Report 2015

› 08

› 13

› The JFSC granted power to impose financial penalties on regulated businesses of up to £4m, strengthening regulatory framework

› Appointment of Deputy Director General

› 09

› 14

› Conviction secured in landmark case of providing false and misleading information

› MONEYVAL report - expected to enhance Jersey’s reputation & international standing

› 10

› 15

› Jersey Fraud Prevention Forum lauched, helping to improve investor awareness › 11

› ESMA recommended granting Jersey funds and managers AIFMD passport, helping to expand market access › 12

› The JFSC inaugural Careers Fair 150 attendees / 60 CVs

p.03

Introduction

01 › The Jersey Financial Services Commission Our Role ›

What we do The Jersey Financial Services Commission (JFSC) has statutory responsibilities (or functions) set out in the Financial Services Commission (Jersey) Law 1998. In fulfilling these functions, the JFSC is required to have regard to certain ‘guiding principles’:



Functions

a

b

c

d

Supervision and development of financial services

Policy development

Operation of the Companies Registry

Enforcement

Reports, advice, a