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Proceeds of Crime (Supervisory Bodies) (Amendment of Law) (Jersey) Regulations - amendments to p121/2008

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A decision made (20.08.08) to agree to amendments to P121/2008 - Proceeds of Crime (Supervisory Bodies) (Amendment of Law) (Jersey) Regulations 200-

Decision Reference:  MD-E-2008-0164 

Decision Summary Title:

Amendments to Projet P121/2008: “Proceeds of Crime (Supervisory Bodies) (Amendment of Law) (Jersey) Regulations 200-”

Date of Decision Summary:

21 August 2008

Decision Summary Author:

Andrew Le Brun

Director, International & Policy Division,

Jersey Financial Services Commission

Decision Summary:

Public or Exempt?

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

 

Written Report

Title:

Amendments to Projet P121/2008: “Proceeds of Crime (Supervisory Bodies) (Amendment of Law) (Jersey) Regulations 200-”

Date of Written Report:

21 August 2008

Written Report Author:

Andrew Le Brun

Director, International & Policy Division,

Jersey Financial Services Commission

Written Report :

Public or Exempt?

Public

Subject:

Amendments to Projet P121/2008: “Proceeds of Crime (Supervisory Bodies) (Amendment of Law) (Jersey) Regulations 200-”.

 

Decision(s):

The Minister agreed to lodge amendments to Projet P121/2008: “Proceeds of Crime (Supervisory Bodies) (Amendment of Law) (Jersey) Regulations 200-” and instructed officers to make the necessary arrangements for the amendments to be lodged au Greffe at the earliest opportunity in time for debate during the session of the States commencing on 8 September 2008.

 

Reason(s) for Decision:  

 

The key purpose of Projet P121/2008 is to amend the registration requirements for collective investment funds under the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008 (the “Supervisory Bodies Law”).These amendments to that Projet arise as a result of submissions made by Jersey Finance Limited and the Jersey Funds Association (together “Industry”) subsequent to the lodging of P121/2008 and are intended to further clarify the application of registration requirements to collective investment funds and other investment vehicles.

 

The amendments:

 

  Update the Schedule to the Supervisory Bodies Law so that it is consistent with Schedule 2 of the Proceeds of Crime (Jersey) Law 1999.

  Exclude from the requirement to register with, or give a notice to, the Jersey Financial Services Commission (“JFSC”) under the provisions of the Supervisory Bodies Law persons carrying on certain activities. In each case, the person would be relieved from the registration/notification obligation but would remain subject to anti-money laundering measures under the Money Laundering (Jersey) 2008 and remain otherwise subject to the Supervisory Bodies Law. In order to be exempt from registration/notification, the person must either itself be prudentially supervised by the JFSC (and therefore already known to the JFSC) or administered by a person that is prudentially supervised by the JFSC (and who, as administrator, can provide details to the JFSC of the businesses it administers).

 

These amendments are an essential part of the changes to the Island’s legislative framework in time for the International Monetary Fund assessment in October 2008.

 

Resource Implications: None.

 

Action required: Attached amendments to P121/2008 and report to be sent to the Publications Editor of the Greffe by a Treasury officer - with a request that they be lodged at the earliest opportunity in time for debate during the session of the States commencing on 8 September 2008.

 

Signature: Senator T.A.Le Sueur

 

 

 

 

Position:

 

Senator T A Le Sueur, Minister for Treasury and Resources

 

on behalf of Senator P Ozouf, Minister for Economic Development

 

                 

 

Date Signed:

 

 

Date of Decision:

 

 

 

 

 

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