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Funds – A Government perspective

Funds – A Government perspective. Agenda. Welcome Introduction to the Financial Services Unit Past 18 months Policy Framework Jurisdictional Review Funds Regulation and Legislation that works with industry Other legislative developments Questions.

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Funds – A Government perspective

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  1. Funds – A Government perspective

  2. Agenda • Welcome • Introduction to the Financial Services Unit • Past 18 months • Policy Framework • Jurisdictional Review • Funds • Regulation and Legislation that works with industry • Other legislative developments • Questions

  3. Introduction to the Financial Services Unit • Formed in January 2013 • Part of the Chief Ministers Department • Seven staff • Purpose is to secure Jersey’s future as a leading International Finance Centre

  4. Past 18 months • McKinsey report “Securing Jersey’s future as an IFC” • Capital Economics “Jersey’s value to Britain” • Financial Services Policy Framework

  5. Policy Framework • Driven by the Jurisdictional review • Catalyst for overarching strategy • Facilitate faster decision making • Promote collaboration between Government, Regulator and Industry • Promote strong reputation • Commitment to support Financial Services Industry

  6. Jurisdictional Review • Generated a significant number of initiatives for the Government, Regulator and Industry • Working Groups established by Government and Industry to implement initiatives • Resources increased to support initiatives • Significant progress made but more work to be done.

  7. Funds • A linchpin of the Financial Services industry in Jersey • Global reputation for innovation such a JPUT’s • Jurisdictional review recommended simplification of current legislative and regulatory regime • First phase of “simplification” project complete • Other initiatives also underway including Managed accounts and LLP’s

  8. Regulation and legislation • It is important that regulation and legislation works with Industry. • Is a business enabler • Provides flexibility and speed to market • Risk based approach

  9. Other legislative developments • Security Interest Law • AIFMD • Companies Law • Philanthropy • Charities • Trust Law

  10. Current issues • FATCA • Beneficial ownership transparency

  11. Questions?

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