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JFSC Industry update - 19 July 2021 - Revised policy on trading carbon credits and cannabis activities

03/08/2021

The JFSC has updated its Sound Business Practice Policy (previously known as the sensitive activity policy) following a change in legislation by the States of Jersey.

The changes relate to businesses wanting

  • to trade carbon credits or
  • undertake cannabis activities.

Trading carbon credits

  1. Trading carbon credits has been listed as a sensitive activity. This means that we will ask for additional information from businesses that want to trade carbon credits before we grant COBO consent.

  1. The JFSC has also specified that companies wanting to trade carbon credits must also appoint a Jersey trust company business to administer it if the ultimate beneficial owner of the business is not resident in Jersey.

Cannabis activities

  1. Cannabis activities include the cultivation, production, supply, use, export or import of cannabis or any of its derivatives.

  1. Cannabis activities were already listed as a sensitive activity, but the JFSC has changed the policy to make it clearer that it is more likely to grant consent if the activities:

    1. Are legal when and where they take place

    1. Take place in a jurisdiction that the Government of Jersey has provided an exemption for.

The policy explains its approach for granting Control of Borrowing consents (COBO consents) which give permission to do business in Jersey.

In the following short update, Jon Stevens, Head of Policy, provides more information on the Sound Business Practice policy, including how and why it is used.

Read the updated Sound Business Practice Policy.

JFSC LINK

JERSEY

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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.