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

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


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


Past 18 months

  • McKinsey report “Securing Jersey’s future as an IFC”

  • Capital Economics “Jersey’s value to Britain”

  • Financial Services Policy Framework


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


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.


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


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


Other legislative developments

  • Security Interest Law

  • AIFMD

  • Companies Law

  • Philanthropy

  • Charities

  • Trust Law


Current issues

  • FATCA

  • Beneficial ownership transparency



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