Mossack Fonseca on Jersey's Change Programme: Effects on Firms & Entities
On November 23, 2015, the Jersey Financial Services Commision (JFSC) released a white paper at outlines the way it will regulate firms in the future and how entities will interact with them going forward.
The JFSC's Change Programme is their response to the rapid growth of global regulation, volatile financial markets, and increased competition from other financial centres, and the potential rewards for timely and effective innovation.
The JFSC's stated objective is: "to deliver balanced, progressive, risk-based financial regulation for Jersey, built on insight, integrity and expertise". They are targeting five areas in order to achieve their goals:
1. Improved risk awareness and management
2. Enhanced authorization and supervision
3. Better information management
5. An enhanced people strategy
The JFSC indicated that additional announcements will be made as the Change Programme is phased in over the coming months.