New Law In Jersey Amends Financial Services Regulation Legislation

1. On 21 November 2014 the Financial Regulation (Miscellaneous Provisions No.2) (Jersey) Law 2014 came into force. The law contains a range of amendments to the following Laws:

• the Collective Investment Funds (Jersey) Law 1988 (CIF(J)L);
• the Banking Business (Jersey) Law 1991 (BB(J)L);
• the Insurance Business (Jersey) Law 1996 (IB(J)L);
• the Financial Services (Jersey) Law 1998 (FS(J)L);
• the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008 (SB(J)L).

These are briefly summarised below.

2. The powers of the Jersey Financial Services Commission (the Commission) to require the provision of information, documents and the answers to questions:

• The new provisions are intended to introduce a common definition for the nature of information and documents that may be requested in line with the BB(J)L and IB(J)L - "what may be reasonably required of the person for the purposes of the performance of the Commission's functions" under the Law.