Jersey Financial Services Commission

Chag sameach to everyone celebrating Hanukkah here in Jersey and around the world.

In 2018, we began collecting annual supervisory risk data from businesses and individuals we supervise to support our risk-based approach to supervision. We have published four reports showing aggregated data for the banking, investment business, legal and trust company business sectors to give you an overview of sector trends and share information on money laundering and terrorist financing risks. Read our industry update for more information: https://bit.ly/3VGXOzZ

Thomas and Andrew, from our Innovation Hub, alongside Gamuchirai, from our Policy team, share how our AI-powered chatbot, Reggie, delivers a new way of interacting with our AML/CFT/CPF handbook and Codes of Practice, saving you time and increasing your accuracy. Our “Projects in focus” videos take a closer look at products or services we have developed in response to your feedback from our industry survey. Reggie is a key step in our efforts to enhance our products and services. If there is anything you would like to see in the future, please let us know.

We’d like to wish everyone who celebrates, a Merry Christmas, and a Happy New Year! Please note that we will be closed from 12:30pm on Christmas Eve, reopening on 27 December 2024. Additionally, we will be closed from 12:30pm New Year’s Eve, reopening on 2 January 2025. Submit fast track Registry applications by 10am on Christmas Eve and New Year’s Eve to ensure we can process your request before closing at 12:30pm. See our opening times on our website: https://bit.ly/4fqcgUm

Throughout 2024, we conducted various consultations with Jersey banks on the Basel Committee’s revised Basel III reforms to shape our approach to implement these changes in Jersey. We have published a consultation and invite your feedback by 28 March 2025 on our proposals to implement updates to: - the Standardised Approach to Credit Risk - the Standardised Approach to Operational Risk - Large Exposures regulations Read our industry update for more information: https://bit.ly/49HJvB0

In February 2024, we commissioned KPMG to review our fee model’s structure and competitiveness. Today we have published KPMG’s executive summary with their key findings, alongside our initial response to their report. Next steps for us include: - providing more transparency on our funding through our fee consultations, corporate reporting and outreach - improving the consistency of our approach across sectors    - integrating KPMG’s competitiveness findings into our fee structures We thank KPMG for the report and our stakeholders for your valued contributions towards it. We will provide further updates on our fees reform work in early 2025. Read KPMG’s executive summary and our response here: https://bit.ly/49GL9CZ

In this supervision monthly update, Jason Carpenter, rounds up our November activity and shares what you can expect to see this month, including thematic assessment visits, continued work with regulatory consultants and our latest non-profit organisations newsletter. Read more in our industry update here: https://lnkd.in/ekYDhHzE These updates provide key insights, helping you stay informed on regulatory changes. If there's anything you'd like to see more of in future updates, let us know in the comments – we welcome your feedback.

Registry will be closed from 13:00 on Wednesday 11 December until 9:00 on Thursday 12 December. Fast track submissions will need to be submitted by 10:30am on Wednesday in order to be processed the same day. Any submissions received after this deadline will not be processed until Thursday.

Earlier this year, we conducted a fee consultation to gather your feedback on our proposed fees for 2025. We have now published a feedback paper based on this consultation. The new fees will be implemented starting 1 January 2025, or as otherwise advised on the fee notices. Read our feedback paper and fees notices: https://bit.ly/4inx9C8

Reminder: our green paper on Jersey's key persons regime closes tomorrow, Friday 6 December 2024 at 11:59pm. Our green paper aims to explore and seek feedback on the compliance function in Jersey. We present three different options to facilitate the discussion surrounding the key person resourcing challenge in Jersey and welcome your comments on the approaches proposed.   Review the consultation here: http://bit.ly/4fU2evA Submit your feedback here: https://bit.ly/3VqFX06