Annual Report 2012 - the Jersey Financial Services Commission

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The Jersey Financial Services CommissionThe Jersey Financial Services Commission (the “Commission”) is the Island’s unitaryfinancial services regulator.The Commission is an independent statutory body corporate, set up under the Financial Services Commission (Jersey) Law1998 (the “Commission Law”). The Commission Law provides for a Board of Commissioners to be the governing body ofthe Commission. The Commission is accountable for its overall performance to the States of Jersey through the Minister forEconomic Development.The Commission is also responsible, pursuant to powers granted to it under the Companies (Jersey) Law 1991,for appointing a person to exercise certain statutory responsibilities as the Registrar of Companies. The Commissionhas appointed the Director General of the Commission as the Registrar.Regulated Businesses• Banking• Fund services• General insurance mediation• Insurance• Investment• Trust and company service providers• Designated non-financial businesses andprofessions, which includes accountantsand lawyers, for AML/CFT purposesMain Activity Areas• Policy• International engagement• Regulatory standards• Supervision• Enforcement• Registry4 | ANNUAL REPORT 2012
HighlightsPrincipal Themes During 2012• Commencing work on a framework for funds that wouldbe compatible with the EU’s Alternative Investment FundManagers Directive.• Gaining membership of MONEYVAL (a body of the Councilof Europe), which is an FATF style Regional Body.• Monitoring the Basel III package of reforms and theproposals advanced by the UK’s Independent Commissionon Banking.• Considering the impact of possible changes to the BankLicensing Policy.• Working on the Review of Financial Advice project,which aims to raise the professional standards ofinvestment advisors and eradicate possible conflictsof interest that can be caused by commission basedremuneration arrangements.• Consulting on a civil penalties regime to give a widerspread of enforcement sanctions.• Signing memoranda of understanding with other regulators,including Germany’s BaFin and the United States’ FederalDeposit Insurance Corporation.• Conducting on-site examinations and following upany necessary action arising out of those examinations.Size of the Finance IndustryThe value of the assets under management in the JerseyFinance Industry at the end of 2012 is set out below.• The total value of banking deposits held in Jerseywas £152.1bn.• The total number of regulated funds was 1,388,with a net asset value of funds under administrationof £192.8bn.• The value of assets held by trusts is estimated to be inthe region of £500bn (statistics are not collected for thissector due to the varied nature of those assets).• The total number of live companies on the CompaniesRegister stood at 32,503.ANNUAL REPORT 2012 |5
Page 1: Annual Report2012
Page 5: Jersey is situated off the north-we
Page 9 and 10: Advocate Debbie Prosser (November 2
Page 11 and 12: Chairman’s StatementContinued low
Page 13 and 14: Director General’s ReportOverview
Page 15 and 16: Supervision of individualsAll syste
Page 17 and 18: John HarrisDirector GeneralFUNDSOFF
Page 19 and 20: International Regulatory StandardsI
Page 21 and 22: The Commission continually looks at
Page 23 and 24: Total Examinations 2012Division The
Page 25 and 26: Enforcement case statisticsPercenta
Page 27 and 28: ResourcesOne of the aims of the Com
Page 29 and 30: The Board is satisfied that its com
Page 31 and 32: The members of the Audit Committee
Page 33 and 34: Financial StatementsIntroductionFee
Page 35 and 36: INDEPENDENT AUDITORS’ REPORT TO T
Page 37 and 38: Balance Sheet as at 31 December 201
Page 39 and 40: Notes to the financial statements f
Page 45 and 46: Statistical AnnexeCompaniesRegistry
Page 47 and 48: FundsCIFs & COBO Funds - Analysis b
Page 49 and 50: BankingBanks and Bank Deposits - £
Page 51 and 52: Assets of BanksTotals and sub-total
Page 53 and 54: Key trends and profitability of Ban
Page 56:
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Annual Report 2012 - the Jersey Financial Services Commission

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