The New JFSC Outsourcing Policy: Are You In Scope?

The Jersey Financial Services Commission ("JFSC") has published its new Outsourcing Policy and Guidance Notes (the "Policy") which will apply to existing and new outsourcing arrangements from 1 January 2024 following a six-month transitional period.

The Policy will apply to a broader range of regulated entities and includes updates to take account of Jersey's evolving regulatory framework. The key amendments to the Policy are as follows:

• private funds or other funds with a consent issued pursuant to the Control of Borrowing (Jersey) Order 1958 ("COBO"), (which could include funds not domiciled in Jersey and unregulated funds) are not caught under the Policy. However, the Policy will apply to the service providers of these funds;