JFSC Mega-code Update – its not happening [for now!!]
In the JFSC 2023 programme of consultations there was a proposal for a "MEGA CODE"
The MEGA-CODE would consolidate and simplify the existing codes of practice for regulated businesses such as trust company businesses, fund services businesses and certified funds (albeit excluding the Code of Practice for Alternative Investment Funds).
Jersey Finance has now reported:-
- Given the extent of the work/consultations the JFSC currently have underway, with the resultant impact on industry, and industry’s limited interest in the Mega-Code proposal, the JFSC will not be progressing any further with the Mega-Code proposal during the remainder of 2023 or 2024.
- If, in 2025, there is increased desire from industry, the JFSC may consider a consolidation of the Codes applicable to sectors subject to the Financial Services (Jersey) Law 1998 except for AIFSB.
- Based on the above, reference to the Mega-Code proposal has been removed from the JFSC upcoming consultation page on the JFSC website.
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