The Jersey Financial Services Commission last week published two consultation papers on the regulation of functionaries and funds dealing with the Commission's long-term goal of bringing regulation of all financial services business operating in Jersey within the Financial Services (Jersey) Law 1998 (the “FS(J)L”).
As part of that process, the first paper sets out the proposal for the future regulation of funds and functionaries. The Commission proposes that regulation of functionaries to unclassified funds is transferred from the Collective Investment Funds (Jersey) Law 1988 (the “CIF(J)L”) to the FS(J)L. This will be achieved by creating a new category of financial service business under the FS(J)L to be called “fund services business”.
The advantage of this new “one licence” regime will be the removal of the requirement for functionaries to hold multiple permits under the CIF(J)L. Instead, functionaries will require to be registered under the FS(J)L to carry on fund services business from within Jersey. Every fund services business will be supervised under the FS(J)L and the Commission proposes to issue Codes of Practice in the form attached to the consultation paper.
The second paper deals with an interim proposal pending implementation of the above arrangements. Certain functionaries of non-Jersey domiciled funds may choose to take advantage of the “one licence” regime for multiple funds in advance of the long-term proposal described above. To take advantage of this option, functionaries will have to register under the FS(J)L to carry on “fund services business”. The interim proposal will provide a pilot scheme for the long-term proposal.
David Carse, Director General of the Commission, said:
“These proposals are intended to enhance the regulation of functionaries of collective investment schemes and to bring this into line with the regime that applies to trust companies, investment businesses and general insurance brokers. This will make our regulation more effective while reducing the administrative burden on both the Commission and the industry.”
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