1. Brazil CRF Conference
March 2014
Julian Lamb
Director Registry

2. An overview of Jersey
• Jersey
- Population - 92,500 (2009)
- Size 118 sq km
• Ministerial Government
• - Chief Minister and 10 Minister forming
Council of Ministers
• - 10 Executive Departments
• - Scrutiny by States Assembly (parliament)
• - No party politics.
• International Identity:
• - Special relationship with the UK; loyal to
British sovereign since 1204
• - Autonomous in domestic affairs
• - International agreements; entrustments from
the UK
• - Limited formal relationship with the EU
• - UK has ultimate responsibility for Jersey’s
defence
• - British citizens
• - Own currency (but in currency union with the
United Kingdom)

3. The Constitutional relationship
between Jersey and the UK
- Framework document agreed between the UK and Jersey, May
2007
- UK has no democratic accountability in and for Jersey
- UK will not act internationally on behalf of Jersey without
consultation
- interests of Jersey may differ from those of the UK
- Jersey has a different international identity – UK supports its
development

4. Financial Services Commission
(Jersey) Law 1998
Unitary Regulator
Statutory body
corporate
Independent of
Government
Accountable to States
of Jersey

5. Jersey Financial
Services Commission
• Guiding principles
– Reducing risk to the public of financial loss due to
dishonesty, incompetence, malpractice or the financial
unsoundness of financial service providers
– Protecting and enhancing the Island’s reputation and
integrity in commercial and financial matters
– Safeguarding the Island’s best economic interests; and
– Countering financial crime both in Jersey and
elsewhere

6. Jersey Financial
Services Commission
• Statutory functions
– Regulation and supervision of conduct of business and
financial resources
• Fund operators, deposit takers, insurance
companies, investment businesses, trust companies, insurance
brokers, and bureaux de change (“registered persons”)
• Collective investment schemes
– Regulation and supervision of compliance with
AML/CFT requirements
• Registered persons, lawyers, accountants and estate agents
– Registration of non-profit organizations
• Terrorist Financing
– Registration of auditors of market traded companies

7. Jersey Financial
Services Commission
• Statutory functions
– Consent to raising of equity by companies and other
persons
– Operation of registries - companies and other
– Consumer protection
• Scam websites
• Other scams
• Partner with government in:
– Consumer education (protectyourmoney.je)
– Framework for handling of financial stability issues
– Facilitating industry compliance with financial
sanctions (UN and EU based)

8. Legislative “toolkit”
• Significant number of laws, including:
– Regulatory
• Financial Services Commission (Jersey) Law 1998
• Collective Investment Funds (Jersey) Law 1988
• Banking Business (Jersey) Law 1991
• Insurance Business (Jersey) Law 1996
• Financial Services (Jersey) Law 1998
– AML/CFT
• Proceeds of Crime (Jersey) Law 1998/Money Laundering
(Jersey) Order 2008
• Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008
• Non-Profit Organizations (Jersey) Law 2008
– Auditors
– Companies (Jersey) Law 1991
+ Codes of
Practice

9. Legislative “toolkit”
• Significant number of laws, including:
– Other
• Control of Borrowing (Jersey) Law 1947
• Registration of Business Names (Jersey) Law 1956
• Limited Partnerships (Jersey) Law 1994
• Limited Liability Partnerships (Jersey) Law 1997
• Foundations (Jersey) Law 2009
• Incorporated Limited Partnerships (Jersey) Law 2011
• Separate Limited Partnerships (Jersey) Law 2011

10. Main activity areas
1. Policy 2. International
engagement
3. Supervision 4. Enforcement
5. Internal Governance

11. IMF
Evaluation
Policy – ground rules
Further Requirements
Trust Company
Business
Real Presence
“Top 500”
Beneficial Ownership
Company Activities
International Standards
IOSCO Basel IAIS FATF GIFCS

12. Policy - next 12 months
FATF changes
and local agenda
IOSCO changes
AIFMD, including
engagement with
ESMA
Other EU
“equivalence”,
including AML
RFA - review of
financial
advice
“Shadow
banking”
Civil penalties
Liquidity/
Vickers Report
Sensitive business

13. International assessments:
IMF Report 2009
• “Financial sector regulation and supervision are
of a high standard and comply well with
international standards”
• “Jersey has put in place a comprehensive and
robust framework for countering money
laundering and terrorist financing”
• Very high compliance ratings
• Report clearly suggests Jersey is a very highly
placed jurisdiction globally for financial
supervision and fighting financial crime

14. Beneficial Ownership
• Jersey’s current position;
• General review of transparency of
beneficial ownership of companies;
• Preventing the misuse of companies
and illicit activities;
• Jersey application form.

15. Sensitive Activity
• Prevention of illicit activities;
• Our Policy;
• Types of sensitive activity;
• Our application form;
• Application determination.

16. Conclusions
• Our top priority is to deal with financial crime
and what is most important in this respect is that
law enforcement and tax authorities have access
to information that is adequate, accurate and up-
to-date;
• We are a cooperative jurisdiction committed to
complying with international standards;
• Jersey and Brazil are both rated “largely
compliant” by the Global Forum on Transparency
and Exchange of Information for Tax Purposes.

17. Helpful links
• Jersey Companies Registry at the Jersey Financial Services
Commission: www.jerseyfsc.org
• Links to Jersey Finance Limited (JFL) brochures which may be useful to
you. They may be found on the page:
www.jerseyfinance.je/publications
• Other generic JFL Brochure:
www.jerseyfinance.je/publications/jersey---the-international-finance-
centre#.UyLj9fl_sik
• JFL Why Jersey (4 page doc): www.jerseyfinance.je/publications/why-
jersey#.UyLkD_l_sik
• Jersey - First for Finance (5th edition, August 2013):
www.jerseyfinance.je/publications/jersey---first-for-
finance#.UyLkK_l_sik

18. Brazil CRF Conference
March 2014
Julian Lamb
Director Registry