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JERSEY, REGULATORY HORIZON IN 2024 [@ JAN 23rd.]

23/01/2024

Comsure maintains a news site, and based on what has been posted on it and on other sources such as the JFSC, Jersey Finance, and the Jersey government the following matters should be on a Jersey Horizon scanning list.

  1. January 2024 – live matters
    1. Revised Outsourcing Policy effective 1 Jan 24 –
      1. https://www.comsuregroup.com/news/jersey-remember-the-new-jfsc-revised-outsourcing-policy-osp-is-live-on-1-jan-2024/
      2. https://www.jerseyfsc.org/news-and-events/guidance-on-our-revised-outsourcing-policy/ 
    2. PEP thematic examinations for Q1 2024 starting Jan 24 –
      1. https://www.comsuregroup.com/news/jfsc-thematic-examination-for-q1-and-q2-2024-politically-exposed-persons-peps/
      2. https://www.jerseyfsc.org/news-and-events/thematic-examination-for-q1-and-q2-2024-politically-exposed-persons-peps/ 
  2. Feb 2024 – 31 May 2024
    1. Risk Data requests (+ NEW QUESTIONS, subject to consultation) from 1ST Feb 1 to deadline 31 May 2024
      1. JAN 22 UPDATE = https://www.comsuregroup.com/news/29-new-questions-added-to-the-202324-jfsc-supervisory-risk-data-request-deadline-31-may-2024/
      2. *https://www.jerseyfsc.org/industry/consultations/additional-supervisory-risk-data-consultation-paper-no-9-2023/ 
  3. October 2024
    1. Disapplied MLO obligations for Directors come into force from 1 Oct 24 –
      1. https://www.comsuregroup.com/news/don-t-be-fooled-jersey-sch-2-directors-must-still-do-cdd-on-1st-oct-2023-and-thereafter-cdd-idv-profile-and-risk-assessment/
      2. https://www.jerseyfsc.org/media/7207/schedule-2-business-directors-faqs-301123v2.pdf 
  4. WHAT WE KNOW WILL TRIGGER MORE WORK IN 2024
    1. Final MONEYVAL report to be shared with industry July -
      1. Changes because of MONEYVAL findings & FATF updates
        1. https://www.youtube.com/watch?v=NiN_VKWuJsI
    2. Jersey National Risk Assessment [NRA] to be published.
      1. Virtual Asset [VA] Service Providers [SPs]
      2. Proliferation Financing
        1. https://www.gov.je/Government/Departments/Economy/SiteAssets/pages/financialservicesunit/Presentation%20from%2021%20November.pdf
    3. Consultation on deposit-taking business code of practice re Basel III –
      1. https://www.jerseyfsc.org/industry/consultations/
    4. Changes re access to beneficial ownership register info by the end of the year. –
      1. https://www.gov.je/News/2023/pages/crowndependenciespublishcommitmenttoincreaseaccessibilitytocompanybeneficialownershipinformation.aspx
    5. Continued sanctions law changes –
      1. To follow the UK and international development – for example:-
        1. To address Russia and Developments in the Middle East, including but not limited to Iran, Hamas, Palestine, Hezbollah [Lebanon]
      2. https://www.gov.je/government/departments/jerseyworld/pages/sanctionsfaq.aspx
    6. Consumer credit regime – Regime “goes live” 1 Jan 2026
      1. Consultation feedback to be published, primary law to be lodged with the States Assembly & secondary legislation to be produced (with consultation)
        1. https://www.gov.je/Government/Consultations/pages/consumercreditregime.aspx#:~:text=If%20you%20lend%20money%2C%20including,from%20the%20end%20of%202024.
      2. JFSC On hold - awaiting the outcome of the Government of Jersey's consultation process.
        1. https://www.jerseyfsc.org/industry/consultations/
  5. Other future developments to watch out for
    1. Financial services consolidated [governance/Conduct of business/prudential] 'Mega Code’.
      1. https://www.comsuregroup.com/news/jfsc-mega-code-update-its-not-happening-for-now/
    2. Open banking - Under Jersey law, there is no barrier to banks negotiating individual open banking style standards and contractual terms with third parties. –
      1. https://www.gov.je/Government/Departments/Economy/Pages/FinancialServicesUnit.aspx
      2. https://www.jerseyfsc.org/industry/innovation-hub/fintech/
    3. Pensions regulations more to come–
      1. https://www.gov.je/Government/Departments/Economy/Pages/FinancialServicesUnit.aspx
      2. https://www.gov.je/news/2022/pages/Pensions-regulations-strengthened.aspx
    4. 10 JAN 2024 - JFSC financial crime and regulatory technology guide [JFSC “Machine-Readable” AML Handbook/Codes & Reg-Tech Developments]
      1. JFSC 2024 HORIZON SCAN = https://www.jerseyfsc.org/media/5699/the-regtech-opportunity.pdf
      2. https://www.jerseyfsc.org/industry/innovation-hub/regtech/
      3. Jan 2024 = https://www.jerseyfsc.org/news-and-events/read-our-new-financial-crime-and-regulatory-technology-guide/
    5. Climate Risk – JFSC Consultation on Code On hold – awaiting finalisation of national strategy –
      1. https://www.jerseyfsc.org/industry/consultations/
      2. https://www.gov.je/Government/Consultations/Pages/CarbonRoadmap.aspx
    6. ESG & Sustainable Finance –
      1. https://www.jerseyfsc.org/industry/sustainable-finance/
      2. https://www.ogier.com/news-and-insights/insights/sustainable-investment-jerseys-new-anti-greenwashing-disclosure-requirements/
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.  

news disclaimer -

As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.