Effective examination preparation and engagement

Summary

This is JFSC guidance on how regulated entities should prepare for and engage with a JFSC examination. It sets out practical steps to take before, during and after an examination to reduce follow-up questions, demonstrate strong systems and controls, and align with the Codes of Practice principle of open and co-operative dealing with the Commission.

• Before the examination: Periodically benchmark your business against the Jersey regulatory framework, run routine and post-change reviews, and stay current with Handbook, Codes of Practice, industry updates and JFSC guidance.
• Responding to information requests: Use myJFSC upload guidance, answer each sub-question clearly and in order, support answers with data or document references, and define any internal terminology or acronyms used.
• Meeting deadlines: If you cannot meet a response deadline, contact JFSC as soon as possible to discuss solutions.
• Breach identification: If a breach of the regulatory framework is identified while preparing for or during an examination, notify the examination team and your supervisor immediately, explaining the issue and remediation plan.
• Onsite conduct: Prepare staff and notes for interviews, ensure subject matter experts are available for walkthroughs, and raise questions promptly if any point is unclear; no further information is accepted after the closing meeting.

The guidance is advisory rather than a set of new legal rules, but it reinforces existing supervisory expectations, including the Codes of Practice requirement to deal with JFSC openly and co-operatively.

Key obligations

• Notify the examination team and your supervisor immediately upon identifying any breach of the regulatory framework, including an explanation of the issue and a remediation plan
• Contact JFSC as soon as possible if unable to provide information or answer questions by the set deadline, to discuss solutions
• Respond to information requests and questionnaires following the exact question structure (addressing each sub-part in turn) and support answers with relevant data or documents
• Define internal acronyms or terminology used in responses to avoid misunderstandings
• Ensure relevant subject matter experts are available to attend onsite walkthroughs and interviews
• Do not submit additional information or documents after the closing meeting of an examination

Applies to

JFSC-regulated entities, licensees subject to JFSC examination