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Funds – A Government perspective

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Funds – A Government perspective. Agenda. Welcome Introduction to the Financial Services Unit Past 18 months Policy Framework Jurisdictional Review Funds Regulation and Legislation that works with industry Other legislative developments Questions.

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Presentation Transcript
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Agenda

  • Welcome
  • Introduction to the Financial Services Unit
  • Past 18 months
  • Policy Framework
  • Jurisdictional Review
  • Funds
  • Regulation and Legislation that works with industry
  • Other legislative developments
  • Questions
slide3

Introduction to the Financial Services Unit

  • Formed in January 2013
  • Part of the Chief Ministers Department
  • Seven staff
  • Purpose is to secure Jersey’s future as a leading International Finance Centre
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Past 18 months

  • McKinsey report “Securing Jersey’s future as an IFC”
  • Capital Economics “Jersey’s value to Britain”
  • Financial Services Policy Framework
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Policy Framework

  • Driven by the Jurisdictional review
  • Catalyst for overarching strategy
  • Facilitate faster decision making
  • Promote collaboration between Government, Regulator and Industry
  • Promote strong reputation
  • Commitment to support Financial Services Industry
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Jurisdictional Review

  • Generated a significant number of initiatives for the Government, Regulator and Industry
  • Working Groups established by Government and Industry to implement initiatives
  • Resources increased to support initiatives
  • Significant progress made but more work to be done.
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Funds

  • A linchpin of the Financial Services industry in Jersey
  • Global reputation for innovation such a JPUT’s
  • Jurisdictional review recommended simplification of current legislative and regulatory regime
  • First phase of “simplification” project complete
  • Other initiatives also underway including Managed accounts and LLP’s
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Regulation and legislation

  • It is important that regulation and legislation works with Industry.
  • Is a business enabler
  • Provides flexibility and speed to market
  • Risk based approach
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Other legislative developments

  • Security Interest Law
  • AIFMD
  • Companies Law
  • Philanthropy
  • Charities
  • Trust Law
slide10

Current issues

  • FATCA
  • Beneficial ownership transparency
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