This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more here.  
  • Delicious




Jersey Amends Bank Licensing Policy

by Jason Gorringe, Tax-News.com, London

21 March 2011

The Jersey Financial Services Commission on March 15, 2011, issued an updated version of the Licensing Policy in respect of those activities that require registration under the Banking Business (Jersey) Law 1991.

The Banking Law is the primary legislation for the regulation and supervision of deposit-taking businesses. Licensing Policy was previously updated in June 2009, and the updated Licensing Policy can now be viewed on the Commission’s website.

The substantive changes are located at sections 3.3 to 3.5, 5.2 to 5.4 and 11.7 to 11.8. The purpose of the changes has been twofold:

  • To adopt changes recently made to the equivalent policy under the Financial Services (Jersey) Law 1998 in respect of higher risk jurisdictions; and
  • To better facilitate the Commission’s flexibility of approach, which was originally intended when the Licensing Policy was last changed in 2009, when considering the merits of a licence application.

.

 

Tags: law | offshore | business | licensing | legislation | international financial centres (IFC) | Jersey | regulation | Jersey

 






Write a comment