We are cautiously optimistic about Jersey's future and the
role it plays as a key functionary in international capital
flows.
Jersey's position in the financial services industry remains
unchanged following the 52% vote for Brexit. Jersey has always been
a third country to the European Union for the purposes of financial
services, and its role as a well-regulated and highly-regarded
centre provides much-needed reassurance to investors, their
advisers and the asset management community.
The island's finance industry facilitates estimated
investment flows into the UK and the rest of the EU of
£800bn.1 Jersey's relationship with the
EU is based upon Protocol 3 of the UK's Treaty of Accession,
which is dependent on the UK's EU membership. However, the
provision of financial services into Europe falls outside Protocol
3 and Jersey is treated as a "third country"
jurisdiction. Consequently, Jersey has negotiated market access on
a case-by-case basis.
