Co-ordinated Portfolio Investment Survey (CPIS) Guidance Note for Jersey Participants

Summary

This is a guidance note explaining how Jersey-resident entities must complete the annual IMF Co-ordinated Portfolio Investment Survey (CPIS), a global statistics exercise on cross-border portfolio investment holdings. It sets out who counts as a Jersey resident for CPIS purposes, what assets must be reported, how they should be valued and allocated geographically, and how returns are submitted to the JFSC.

• Who must report: Jersey-domiciled banking licence holders, collective investment funds (registered under the Collective Investment Funds (Jersey) Law 1988 or private schemes with COBO consent), Jersey-domiciled insurance entities, and Jersey-domiciled SPVs holding or issuing portfolio investment assets.
• What is reported: Holdings of equities, long-term debt instruments (maturity over one year) and short-term debt instruments (maturity of one year or less) issued by non-residents; derivatives are excluded.
• Geographic allocation: Assets must be allocated to the country of residence (legal incorporation or domicile) of the issuer, not the ultimate parent, following the CPIS first cross-border rule to avoid double counting or omission.
• Valuation basis: Equities and debt instruments are valued at market price (or alternative approved methods for unlisted instruments) at close of business on 31 December 2025.
• Currency conversion: Sterling values are calculated using the closing exchange rate on 31 December 2024 from a reputable source.
• Submission mechanics: Returns are submitted via myJFSC using a pro forma template, with Sections A (respondent details), B (list of entities) and C (sterling value of securities) all submitted together by the Lead Respondent.
• Materiality: There is no minimum disclosure threshold, though aggregate holdings below £500,000 are reported as £Nil in whole millions.

The note also clarifies exclusions (e.g. branches or subsidiaries of non-resident entities registered elsewhere, direct investment holdings of 10% or more) and provides detailed instrument definitions in an appendix to help respondents classify equities and debt securities consistently.

Key obligations

• Jersey resident holders of portfolio investment assets issued by non-residents must submit a CPIS return via myJFSC.
• Lead Respondents must submit Sections A, B and C of the pro forma template together, covering respondent identification, the list of entities reported for, and sterling values of securities owned.
• Respondents must allocate equities and debt instruments to the country of residence (legal incorporation/domicile) of the issuer, not the ultimate parent, applying the first cross-border rule to avoid double counting or omission.
• Respondents must take reasonable steps to ensure instruments are uniformly and correctly allocated to the country of issue despite differing commercial database conventions.
• Equities and debt instruments must be valued at market price (or specified alternative methods) at close of business on 31 December 2025.
• Sterling valuations must be calculated using the closing exchange rate on 31 December 2024 from a reputable source.
• Respondents must report full coverage of holdings in each jurisdiction with no minimum disclosure amount, though aggregates below £500,000 are shown as £Nil.

Applies to

banking licence holders, collective investment funds (registered schemes and COBO-consented private schemes), insurance entities (Jersey domiciled), special purpose vehicles (SPVs), trust company business and fund services business providers

Deadlines

• 31 December 2025: Valuation date for equities and debt instruments reported in the CPIS return (market price at close of business).
• 31 December 2024: Date of the closing exchange rate to be used for converting valuations into sterling.