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The UK’s transition out of European Union membership and into a new Trade and Cooperation Agreement has been finalised, as of 11pm on 31 December 2020.
As a British Crown Dependency, Jersey is not part of the UK or EU. For financial services it has access to the EU market through its own bilateral agreements and arrangements, which are independent from the UK’s relationship to the EU. Therefore, Jersey’s financial services industry will continue to be able to operate in both the UK and EU after Brexit as it did before.
Furthermore, Jersey’s stable, political and financial environment puts it in a positive position for investors seeking stability and certainty, as the EU and UK work through the semantics of the Agreement and become accustomed to their new working arrangements.
Additionally, Jersey’s strong constitutional ties to the UK mean it is well-placed for access to UK investors and opportunities. This position was affirmed by the UK’s Financial Conduct Authority signing of a Memorandum of Understanding with the Island’s regulator, The Jersey Financial Services Commission (JFSC), back in March 2019.
The Government of Jersey and the JFSC have engaged with regulated firms in the run-up to Brexit to provide information and assistance to financial services businesses.
Jersey has made preparations to mitigate any adverse impacts of Brexit – notably on trade in goods and services and on immigration – and to pursue any opportunities that are created as a result of Brexit. In fact, Jersey has proven its resilience to weather financial storms over the years and sets itself apart from other IFCs by being well prepared for Brexit.