First For Finance 16th Edition

23 September 2024

View from the sand dunes of the sun setting behind a silhouette of La Rocco Tower, a landmark and heritage site at St Ouen's Bay in Jersey, Channel Islands

Overview Finance Focus Regulation, Compliance and Legal Digital Private Wealth Funds Banking Corporate Services Accountancy

Overview

The 16th edition of First for Finance aligns with the critical discussions taking place at our 2024 Annual Private Wealth Conference, titled ‘Beyond the Permacrisis: Taking Advantage of Change and Opportunity’. Reflecting the key conference themes, this edition delves into the complex intersections of history, geopolitics, and technological revolutions that are reshaping the global wealth landscape. As these forces converge, they redefine not only the way that wealth is accumulated and managed, but also its distribution and preservation across generations.

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Preface

Deputy Lyndon Farnham, Chief Minister, discusses how Jersey's Government can sustain our position as a leading offshore finance centre, the Government must update its strategy to balance robust regulation with competitiveness and growth opportunities, while aligning with industry needs for infrastructure and community development.

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Foreword: Deputy Ian Gorst

Deputy Ian Gorst, the Minister responsible for Jersey's financial services industry, highlights ongoing government support, a strategic focus on balancing regulation with competitiveness, and a commitment to responding to international standards and challenges, while also preparing for the implementation of the Pillar Two tax regime and its implications for the local economy.

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Introduction

In the face of global economic and geopolitical volatility, Joe Moynihan, Chief Executive Office of Jersey Finance, explains how Jersey is leveraging its agility and innovation to reinforce its reputation as a stable and forward-thinking international financial centre, focusing on technological advancements, sustainable finance, and high regulatory standards while maintaining strong global connections.

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A Global Mindset at Jersey’s Heart

Jersey Finance's Global Head of Market Development, Chris Jenkins, discusses how Jersey's strategy of global diversification and cooperation has intensified in response to geopolitical instability and regulatory complexity, emphasizing its stable environment while balancing core markets with innovation and maintaining competitiveness in emerging sectors and regions.

Jersey Finance Roundtable

Participants: Alex Wright, Event Chairman (Business Journalist and former Insurance Times News Editor); Amy Bryant, Deputy CEO, Jersey Finance; Jill Britton, Director General, Jersey Financial Services Commission; Charles Molteno, President, Jersey Bankers Association; Mike Johnson, Chairman, Jersey Funds Association and Chief Commercial Officer, Europe, Gen II; Sarah Bartram-Lora Reina, President, Jersey Association of Trust Companies; Nick Evans, Head of Office, Maples Group; Catherine Taylor, Chief Operating Officer; Rathbones Investment Management International; Matt Christensen, Partner, Rawlinson & Hunter Trust Co.

James Linder, Lead Economist, PwC Channel Islands 2024 Outlook

As the global economy faces uncertainty from geopolitical fragmentation, ageing populations, technological disruption, and the transition to net zero, international finance centres like Jersey must adapt by channeling capital towards sustainable development and navigating complex regulatory environments, while leveraging their stability to attract and manage investment.

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Affirmation of Jersey’s High International Standards

Jersey has been recognized as a leading jurisdiction for compliance with FATF standards in anti-money laundering and counter-terrorist financing, achieving high ratings for effectiveness and technical compliance, though it is advised to make ongoing improvements in supervision, preventive measures, financial intelligence, and prosecutions to maintain and enhance its status as a top international financial center.

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Developing a Proactive Sustainable Finance Strategy

Despite recent volatility in sustainable investments due to geopolitical and economic disruptions, the long-term outlook for sustainable finance remains positive, with projections of significant growth and emerging opportunities in technology and regulatory frameworks, prompting Jersey to strategically develop its own sustainable finance ecosystem and align with global standards.

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Keeping Pace with Compliance Challenges

Jersey’s financial services sector thrives due to its strong regulatory framework and dedicated compliance officers, who play a crucial role in maintaining high standards, adapting to evolving regulations, and balancing compliance with business objectives.

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Working Together for Regulatory Effectiveness

The Jersey Financial Services Commission (JFSC) is committed to enhancing its regulatory framework, embracing digital transformation, and working closely with stakeholders to maintain the reputation of Jersey’s leading international finance centre, following a positive MONEYVAL assessment and ongoing strategic reviews.

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Jersey’s Insolvency Regime Continues to Develop

Recent amendments to Jersey's insolvency and restructuring laws, including the Companies (Amendment No.8) (Jersey) 2022, have introduced new provisions for provisional liquidations and creditors’ winding-up, notably allowing creditors with contingent claims to initiate proceedings, as confirmed by the Court of Appeal in the HWA Case.

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Supporting Legislative and Regulatory Developments

The Jersey legal profession plays a crucial but often unseen role in shaping and advancing the Island’s legislative and regulatory framework, contributing significantly to the development of financial and trust laws, and enhancing Jersey's reputation as a leading international financial centre.

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Advancing Digital Value

To ensure Jersey's success in the coming decades, Digital Jersey have been working closely with the Government and industry providers to accelerate technology adoption, foster collaboration and enhance digital innovation.

Initiatives like Impact Jersey, data stewardship and the Future Economy Programme are crucial for driving economic growth and positioning the Island as a global leader in the digital sector.

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Delivering Future Financial Security

As the "Great Wealth Transfer" advances, financial managers must adapt their strategies to address evolving risks and individual needs, balancing robust risk management with personalised, long-term planning to safeguard and grow family wealth across generations.

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Celebrating 40 years of the Trust Law

Jersey's robust trust laws, political stability, and tax neutrality, along with continuous regulatory updates and highly skilled professionals, make it a preferred jurisdiction for ultra-high net worth clients and families seeking wealth protection, and succession planning.

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Driving Effective Philanthropy within Jersey

Companies in Jersey are increasingly integrating environmental, social, and governance (ESG) strategies, using models like Donor Advised Funds (DAFs) and the Jersey Community Foundation to support local communities and address pressing social needs such as inequality, mental health, and poverty.

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Jersey for Shariah-Compliant Wealth Management

Jersey's sophisticated regulatory framework, flexible legislation, and tailored Jersey Private Fund (JPF) regime make it an attractive destination for ultra-high-net-worth (UHNW) families, particularly from the Middle East, seeking bespoke private wealth planning and investment solutions that align with Islamic finance principles and international best practices.

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A Flexible Approach to Evolving Investor Requirements

Despite inflation and high interest rates, Jersey’s adaptable and innovative approach to the increasingly complex cross border funds landscape and shifting investor attitudes has helped it to grow across the funds industry, maintain stable deal flow and increase the number of new fund launches year-on-year.
The islands agile approach to technology and regulatory advancements has proven crucial to its robust performance. A pioneering approach to tokenisation and digital assets will reshape capital-raising and create exciting opportunities for the future.

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Jersey’s Private Equity Advantage

Jersey has evolved into a premier jurisdiction for private equity activities. It offers global investors an array of flexible fund vehicles, corporate structures, tax neutrality and a robust regulatory framework.

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Facing the Future Requires Evolution not Revolution

Jersey’s banking sector is evolving to maintain its global standing by focussing on five key areas—technological integration, regulatory adaptability, sustainability, global collaboration, and customer-centric services—ensuring it remains competitive and resilient in the face of rapid industry changes.

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Trends within Private Capital

Despite a volatile 2023, private equity deal activity has rebounded this year, providing a more stable macroeconomic environment, with private equity-backed M&A heavily influencing this growth.

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A Cooperative and Transparent Jurisdiction for Corporate Services

Jersey has established itself as a leading international finance centre, offering a comprehensive range of corporate services, making it an ideal destination for global businesses seeking a well-regulated and sustainable environment.

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Jersey Accountancy Body Celebrates 50 Years

The accountancy professionals in Jersey have been instrumental in the success of the finance industry from its early stages and this year The Jersey Society of Chartered & Certified Accountants (JSCCA) celebrates its 50th anniversary.

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Pillar Two: An Evolution of Tax Neutrality

As a key development in tax neutrality, the Pillar Two framework places IFCs such as Jersey at the forefront, aligning tax neutrality with enhanced transparency and responsible tax governance.