This editorial was first published in Business
Brief.
As part of the JFSC's risk-based approach following its
restructure of Supervision, registered firms are experiencing an
increased number of visits from the regulator and greater focus on
issues central to the JFSC's regulatory objectives. It is
therefore crucial that firms and their senior management understand
how the regulator expects them to engage with it.
Fundamentally, each registered firm has an obligation under its
Code of Practice to deal with the JFSC in an open and cooperative
manner. As the JFSC's supervisory model relies heavily on the
information firms provide it (both by self-reporting and in
response to information requests), the regulator may view any
failure by a firm to provide accurate information in a timely
manner as a significant concern.
