Prudential Reporting – JIBs (Jersey incorporated banks reporting guide)

Summary

This is JFSC guidance setting out how Jersey incorporated banks (JIBs) registered under the Banking Business (Jersey) Law 1991 must prepare and submit prudential returns required by the Banking Code. It covers the submission process, data requirements, and the JFSC's validation checks for the quarterly and year-end returns.

• Quarterly returns: Each JIB must complete a prudential return (submission template, submission certificate, any case-by-case data, and commentary documents) as at 31 March, 30 June, 30 September and 31 December, submitted electronically on or before the 20th business day after the reporting date.
• Year-end return: If a JIB's year-end does not coincide with a quarter end, an additional prudential return is required as at year-end (with JFSC's prior agreement), due within 20 business days, and the year-end return must be externally audit-certified with a certified hard copy due within three months, accompanied by an auditor schedule of differences and a balance sheet reconciliation.
• Nominated submitters: JIBs must maintain at least two nominated individuals registered with the JFSC to submit returns via the JFSC Portal, keeping their details current.
• Late submission notification: A JIB that foresees or experiences a delay must immediately notify its JFSC Supervisor by email and, where the portal deadline will be missed, agree an extended deadline.
• Completion rules: Returns must be completed in Sterling (with disclosed exchange rate and accounting currency if different), monetary amounts entered in thousands rounded to the nearest thousand, and debit/credit balances not netted unless a legally enforceable netting agreement exists.
• Submission Certificate: Must be signed by two directors (or one director plus the most senior local executive if only one director is available) and by the preparer, with the signed original retained and available for inspection.
• Validation and correction: Uploaded templates undergo automated integrity, header, and data checks; a submission failing validation cannot be confirmed until identified errors are corrected.

The guide also references separate Completion Guides and Validation Guides published on the JFSC website for detailed sheet-by-sheet requirements, and directs enquiries to the JIB's JFSC Supervisor.

Key obligations

• Submit a complete prudential return (template, submission certificate, any case-by-case data, and commentary) to the JFSC via the JFSC Portal on or before the 20th business day after each quarterly reporting date (31 March, 30 June, 30 September, 31 December).
• Where the JIB's year-end differs from quarter-end dates, submit an additional prudential return as at year-end within 20 business days, subject to prior JFSC agreement.
• Submit a certified copy of the year-end prudential return, certified by the external auditor, within three months of the year-end, accompanied by an auditor's schedule of differences and a balance sheet reconciliation to published accounts.
• Submit true and fair audited accounts to the JFSC within three months of year-end (separate from the prudential return).
• Maintain at least two nominated submitters registered with the JFSC at all times, with current contact details, to enable portal submissions.
• Immediately notify the JFSC Supervisor by email if a delay is foreseen or experienced that will result in late submission, and agree an extended deadline if the portal deadline will be missed.
• Complete the Submission Certificate, signed by two directors (or one director and the most senior local executive if only one director available) and by the preparer, retaining the original for inspection.
• Complete the prudential return in Sterling, disclosing the accounting currency and mid-market exchange rate used if different, with monetary amounts entered in thousands rounded to the nearest thousand.
• Accompany all re-submissions with a refreshed Submission Certificate.
• Complete all relevant sections of the submission template in accordance with the Completion Guides, and any additional case-by-case data requirements (e.g. for Trading Book or Advanced Approach) as agreed with the JFSC.

Applies to

Jersey incorporated banks (JIBs) registered under the Banking Business (Jersey) Law 1991

Deadlines

• on or before the 20th business day after the reporting date: Deadline for submitting the quarterly prudential return to the JFSC
• within 20 business days of the JIB's year-end: Deadline for submitting an additional prudential return where year-end does not coincide with a quarter end
• within three months of the year-end: Deadline for submitting the auditor-certified copy of the year-end prudential return and for submitting audited true and fair accounts
• quarterly: 31 March, 30 June, 30 September, 31 December: Recurring prudential return reporting dates