Consultation on secondary legislation under the Financial Services (Disclosure and Provision of Information) (Jersey) Law (2020-07-30)

Summary

This is a public consultation issued by the Government of Jersey (Office of the Chief Executive) seeking industry input on draft secondary legislation to accompany the Financial Services (Disclosure and Provision of Information) (Jersey) Law. The proposed instruments -- a draft Order and draft Regulations -- are intended to implement updated Financial Action Task Force (FATF) international standards on anti-money laundering, counter-terrorist financing and beneficial ownership disclosure.

• Purpose: To gather feedback on draft secondary legislation implementing FATF's updated AML/CFT and proliferation financing standards, including beneficial ownership disclosure requirements.
• Instruments consulted on: Financial Services (Disclosure and Provision of Information) (Jersey) Order 202- and Financial Services (Disclosure and Provision of Information) (Jersey) Regulations 202-.
• How to respond: Comments can be sent directly to the Government of Jersey (Helen De La Cour) or via Jersey Finance Limited, which will collate an industry response; responses sent to Jersey Finance are shared with Government unless anonymity is requested.

This document is a consultation notice, not binding legislation. It does not itself impose compliance obligations on financial services businesses; it is a request for stakeholder comment before the underlying Order and Regulations are finalised. A separate consultation response and policy paper on this topic has since been published.

Key obligations

• Parties wishing to respond to the consultation must submit comments by 4 September 2020, either directly to the Government of Jersey or via Jersey Finance Limited

Applies to

financial services businesses, industry participants in Jersey's finance sector

Deadlines

• 04/09/2020: Deadline for submitting comments on the consultation