Speaking at a debate hosted by Jersey Finance and the Jersey Funds Association in London on Tuesday, deputy director general of the Jersey Financial Services Commission, Helen Hatton revealed that the jurisdiction is planning to overhaul the legal framework for fund functionaries.
According to the Globalcustody.net news service, which reported on the meeting, Ms Hatton explained that fund functionaries will soon be brought within the scope of the Financial Services Jersey Law, allowing them to conduct their activities on an ongoing basis, rather than needing to seek approval every time they act for a different fund.
"Whilst the JFSC intends rightly to maintain the high standards of regulation that have been recognised internationally, it is working with the funds industry to create a still more efficient regulatory regime, which ultimately will benefit the fund promoters and administrators using Jersey," she told those attending the debate.
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