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Jersey Proposes New Regulations For Market Traded Companies

by Jason Gorringe, Tax-News.com, London

18 January 2010

The Jersey Financial Services Commission on January 14 published a consultation paper on two new Orders proposed to be made under the Companies (Jersey) Law 1991.

The two Orders follow on from the recent decision of the States Assembly to make the Companies (Amendment No. 4) (Jersey) Regulations 2009, which will, amongst other things, amend the Companies Law to provide a registration and oversight regime for auditors of market traded companies and provide for market traded companies to be required to follow certain prescribed accounting standards when preparing their accounts.

The first Order, the Companies (Audit) (Jersey) Order, will prescribe:

  • what information the Register of Recognized Auditors must contain, what form it must take, and other ancillary matters relating to the keeping of the Register by the Commission;
  • what the rules governing the conduct of the audit of market traded companies by Recognized Auditors must contain; and
  • certain independence requirements that all auditors of Jersey companies must satisfy.

The second Order, the Companies (GAAP) (Jersey) Order, will prescribe which "generally accepted accounting principles" (GAAP) a market traded company shall use when preparing its accounts. The accounting principles proposed are:

  • Canadian GAAP;
  • Japanese GAAP;
  • United Kingdom GAAP;
  • United States GAAP; and
  • International Financial Reporting Standards

Subject to ministerial approval, the intention is that both Orders will come into force on April 5, 2010 (the same date as the States Assembly is expected to be asked to bring the Regulations into force).

Comments on the proposals must be made before February 15, 2010.

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