All Change - Proposed Amendments to Regulatory Legislation

In June of this year, the Jersey Financial Services Commission (the "Commission") issued Position Paper No. 4 in relation to amendments to regulatory legislation. The primary legislation to which this relates is the Banking Business Law (Jersey) 1991, Collective Investments Funds (Jersey) Law 1988 (the "CIF Law"), Financial Services (Jersey) Law 1998 ("FSL") and the Insurance Business Law (Jersey) 1996 (together, the "Regulatory Laws").

The proposed amendments are in anticipation of the visit of the International Monetary Fund ("IMF") to the Island for an assessment, due to take place in 2008, of the extent to which Jersey meets the standards set by various international regulatory bodies (including the International Organization of Securities Commissions and the Basel Committee on Banking Supervision). The emphasis of the assessment is to focus primarily upon the practical implementation of the regulatory legislation that has already been put in place. The assessment