funds – a government perspective
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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. - PowerPoint PPT PresentationTRANSCRIPT
Funds – A Government
perspective
1
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
2
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
4
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
5
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
7
• 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
10
• FATCA
• Beneficial ownership transparency
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Questions?