Codes of practice for investment business

By Lauren Gouyette

THE Jersey Financial Services Commission has issued finalised codes of practice for investment business, and has also updated the licensing policy for activities that require registration under the Financial Services (Jersey) Law 1998.

The issuance of the IB codes along with guidance notes marks the completion of a work stream that began with the publication of a consultation paper on amendments proposed to codes of practice in July 2007.

The IB codes have immediate effect for people who receive their registration to carry on investment business on or after 1 July 2008. However, for people holding a registration as at 1 July 2008, a transition period of three months has been granted to achieve full compliance.

Additionally, the licensing policy has been amended so that it is now the primary legislation for the regulation and supervision of five financial sectors – fund services, general insurance mediation, investment, money service and trust company business.

Article posted on 4th July, 2008 - 2.59pm

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