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ARTICLE · 12 JULY 2016

Lending Into Jersey

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Institutions not established in Jersey, wishing to lend to customers based in Jersey, should consider the following laws and regulations.

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Institutions not established in Jersey, wishing to lend to customers based in Jersey, should consider the following laws and regulations.

FINANCIAL SERVICES REGULATION

Pure lending in Jersey is not itself an activity regulated by the Jersey Financial Services Commission (JFSC), but if lenders are also taking deposits, they will be caught by the requirements of the Banking Business (Jersey) Law 1991 (Banking Law). Under the Banking Law, a person needs to be registered with the JFSC if they carry on, or hold themselves out as carrying on, a deposit-taking business in or from within Jersey.

Where lenders do not take deposits in Jersey from customers, are not incorporated in Jersey and do not hold themselves out as accepting deposits in Jersey, registration with the JFSC should not be required. Particular care should, however, be taken when entering into agency and/or services agreements with providers established in Jersey as this may have an impact on the need

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