Jersey’s regulator, the Jersey Financial Services Commission (JFSC) is making changes to a number of its Codes of Practice and the Jersey Private Fund (JPF) Guide, following feedback received during its sustainable investments consultation.
As a result, each of the following have been amended, with an effective date of 15 July 2021.
- Certified funds
- Fund services business
- JPF Guide
There is a six-month transition period for funds that existed prior to 15 July 2021, meaning these changes will apply on 17 January 2022. The Investment business Code of Practice has also been amended, with an effective date of 17 January 2022.
Commenting on the changes, Joe Moynihan, Chief Executive of Jersey Finance said:
“We welcome these amendments from the JFSC, which are a vital step for the Island in its journey towards a more environmentally and socially sustainable future. By delivering a robust, yet pragmatic, disclosure framework, we can help to prevent greenwashing and ensure that sustainable finance can be scaled in a way that preserves investor trust and leverages transparency, ensuring that cross-border capital can be re-directed towards sustainable outcomes.
“In that sense, these changes support Jersey Finance’s 2030 Vision and overall strategy for sustainable finance, ensuring that Jersey plays its part in the global transition to a more sustainable finance system.”
In the following short video update, Matthew Clegg, Senior Manager in the JFSC’s Policy team, explains why these changes are being made and the impact they may have on businesses.
Further details can be found in the JFSC’s consultation feedback.