Changes aim to strengthen Jersey's finance sector
The changes aim to make it easier for businesses to operate in Jersey and promote themselves abroad.
Changes are intended to bolster Jersey’s finance sector
The Time to Win report was published in March to enhance Jersey’s long-term competitiveness
A government plan is designed to make it simpler for businesses to operate in Jersey and to market themselves overseas.
In March, the Time to Win report was launched to strengthen Jersey’s long-term competitiveness as an international finance centre.
Changes put into effect on Wednesday have cut paperwork and administrative obligations for Jersey companies intending to raise funds or promote themselves beyond the island.
The government said this means firms issuing investment documents abroad will no longer have to go through approval procedures previously required - "saving time, reducing duplication and making it easier for them to operate internationally".
The government is also putting forward legislative changes to remove sections of the Control of Borrowing framework, which it said was introduced almost 80 years ago.
If approved by the States Assembly, the government said the changes would make it easier for businesses and investors to "establish and operate companies and investment structures" on the island while ensuring "appropriate regulation and oversight".
It added that the amendments would also give a "clearer legal basis for existing arrangements" covering Jersey Private Funds and some digital asset businesses without altering how they operate.
Senator Ian Gorst, Minister for External Relations with responsibility for financial services, said the framework was "created for a different time and a different economy".
He said: "These proposals would replace its remaining requirements with a simpler, more modern framework, removing duplication while maintaining appropriate oversight where it is needed.
"Alongside the prospectus changes already approved, this is part of our work to make it easier for businesses to operate in Jersey and internationally and to strengthen Jersey's position as a leading international finance centre."
CEO of Jersey Finance Joe Moynihan said the changes were "another important step forward".
He said: "Jersey has a long track record of evolving its financial services proposition to meet the changing needs of international businesses, investors and advisers, while maintaining the high standards for which the island is known.
"Removing outdated and duplicative requirements will help create a simpler and more consistent experience for those doing business in Jersey, while ensuring appropriate oversight remains in place."