funds – a government perspective

Funds – A Government

perspective

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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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Introduction to the Financial Services Unit

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• 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

Past 18 months

• McKinsey report “Securing Jersey’s future as an IFC”

• Capital Economics “Jersey’s value to Britain”

• Financial Services Policy Framework

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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

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Jurisdictional Review

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• 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.

Funds

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• 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

Regulation and legislation

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• It is important that regulation and legislation works with Industry.

• Is a business enabler

• Provides flexibility and speed to market

• Risk based approach

Other legislative developments

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• Security Interest Law

• AIFMD

• Companies Law

• Philanthropy

• Charities

• Trust Law

Current issues

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• FATCA

• Beneficial ownership transparency

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Questions?