Money Market Concession Notification Form

Summary

This is a JFSC notification form that Jersey banks must complete each time they rely on the Money Market Concession to notify the Commission of a large exposure. It implements requirements set out in Section 5.4 and Appendix III of the Codes of Practice for Deposit-taking Business, and captures details of the customer, deal size, capital base and exposure limits so the JFSC can assess compliance with large exposure rules.

• Section A - Request details: Bank name and DC reference, customer name, deal size (in GBP thousands and as a percentage of ACR), date of last notification, total exposure post-deal, maturity end dates, Adjusted Capital Base (ACB), Agreed Capital Resources (ACR) with reconciliation to ACB, current and post-deal Large Exposures not exempt from the aggregate limit, and CET1/Tier 1/Total Capital ratios before and after the deal.
• Section B - Counterparty details: Ratings information depending on the basis for approval: investment grade bank below AA-, AA- or higher rated bank, HI-OECD government, non-HI-OECD government, or Nostro (correspondent bank) exposure, each requiring the lowest applicable rating from Fitch, Standard & Poor's or Moody's and the naming of the rating agency.

The form itself does not set a filing deadline; it is submitted whenever a bank seeks to rely on the Money Market Concession for a new or updated exposure, in connection with each relevant notification to the JFSC.

Key obligations

• A registered person (Jersey bank) must complete this notification form in connection with each relevant notification of an exposure under the Money Market Concession.
• The bank must disclose full exposure details, including deal size, total exposure post-deal, capital base, capital resources, and capital ratios, in Section A.
• The bank must provide counterparty rating details (from Fitch, Standard & Poor's or Moody's) supporting the basis on which Money Market Concession approval is sought, in Section B.
• Details of connected parties must be provided by separate covering letter for the first application relating to a connection.

Applies to

Jersey banks, registered persons under the Codes of Practice for Deposit-taking Business