States of Jersey Agenda
20th October 2015
The draft law is concerned with the reformation of the standard scale of court fines, an increase in the jurisdiction of the Magistrate's Court to impose fines, and the widening of the States' powers to amend relevant legislation.
The maximum fine under the jurisdiction of the Magistrates court is currently £5,000. The draft law seeks to increase this figure to £10,000. Fines beyond this figure will fall into the jurisdiction of the Royal Court, where the level of fines is unlimited.
3rd November 2015
The States will decide whether to ratify a tax information exchange agreement with the Republic of Korea.
Ratification of the Agreement between the Government of Jersey and the Government of the Republic of Seychelles for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income.
The states will decide whether to ratify an agreement with the Republic of Seychelles for the purposes of avoiding double taxation and the prevention of income tax evasion.
Draft Public Employees (Pension Scheme) Regulations
The States have provided four individual reports regarding the provisions of a new Public Employees Pension Scheme (PEPS) and the governance and administration across both the PEPS and the Public Employees Contributory Retirement Scheme.
Jersey Finance Technical Update
Update on Laws
On 8 September 2015, the Draft Intellectual Property (Registered Rights) (Miscellaneous Provisions) (Jersey) Law 201- was adopted by the States and now awaits Privy Council approval.
On 21 September 2015, the States of Jersey released Version 2 of their Tax Guidance Notes for Pension Scheme Administrators. This version is a red-line copy showing the changes from the previous version of 15 January 2015.
On 9 September 2015, the Channel Islands Financial Ombudsman (CIFO) published the Jersey Fee Scheme and Jersey Levy Scheme setting out the detail of its funding mechanism. It also published Explanatory Notes for Financial Service Providers and detailed the application process for zero-rating.
Financial services providers are also being asked to complete and submit a Designated
Contact Information Form to facilitate more timely and cost-effective communication with industry stakeholders.
On 9 September 2015, and following on from the FATCA Update dated 11 June 2015, the Chief Minister's Department released a further revision of the FATCA Guidance Notes.
A red-lined version of the Guidance Notes showing the changes made is also available.
More information is available on the States of Jersey AEOI website.
On 22 September 2015, the Gambling Commission lodged its Annual Report and Accounts 2014 with the States.
Jersey Financial Services Commission
The JFSC have announced a series of four AML/CFT ‘refresher’ sessions for industry. The sessions will cover: Enhanced Due Diligence (23 September), Simplified Due Diligence (29 October), Reliance (18 November) and Beneficial Ownership (16 December). Each session will comprise a 45 minute presentation, followed by a 75 minute ‘drop-in surgery’. Due to high demand, registration is necessary.
On 24 August 2015, the JFSC announced the signing of a Memorandum of Understanding (MoU) with the Swiss financial services regulator, FINMA, relating to co-operation in connection with the supervision of Swiss branches of Jersey-based asset managers. A full list of Memoranda of Understanding is available.