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Financial Services Unit: Empowering Jersey's International Finance Sector

Explore the journey of Jersey's Financial Services Unit in securing its position as a top International Finance Centre. Learn about the policy framework, jurisdictional review, funds, and regulatory developments that drive collaboration between government, regulator, and industry. Discover how legislative initiatives and current issues like FATCA and beneficial ownership transparency shape the industry's future. Join us for insights, updates, and discussions.

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Financial Services Unit: Empowering Jersey's International Finance Sector

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Presentation Transcript

  1. Funds – A Government perspective

  2. 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

  3. 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

  4. Past 18 months • McKinsey report “Securing Jersey’s future as an IFC” • Capital Economics “Jersey’s value to Britain” • Financial Services Policy Framework

  5. 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

  6. 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.

  7. 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

  8. 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

  9. Other legislative developments • Security Interest Law • AIFMD • Companies Law • Philanthropy • Charities • Trust Law

  10. Current issues • FATCA • Beneficial ownership transparency

  11. Questions?

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