JER States Financial Stability Board

On Sep. 20, JER States consulted on the financial stability board role.

  • JER States issued consultation on proposals to improve effectiveness of the shadow financial stability board (FSB), created to provide advice on risks to financial system.
  • Summary
  • The shadow FSB's role has been to examine the range, probability and impact of any systemic risks, identify and advise on best ways to minimize risks and fiscal impacts.
  • The operation of the FSB in its current shadow basis has highlighted some practical difficulties which have limited the usefulness of the advice that the FSB can give.
  • The proposals involve providing the FSB with legal gateways and duties to enable it to operate more effectively with, for example, the appropriate access to information.
  • Also, appropriate interaction with relevant bodies and organisations and appropriate enshrined independence, and to allow it to continue and expand useful role for Jersey.
  • Effectiveness
  • The deadline for comments is Nov. 15, 2021.

Regulators JER CoC; JER States
Entity Types Bank; Fiduciary; IA; Ins; Inv Co; Pension
Reference CP, PR 9/20/2021; ESG
Functions Compliance; Financial; Legal; Research; Risk; Treasury
Countries Jersey
Products Banking; Fund Mgt; Insurance; Pensions; Retirement Plan; Securities; Wealth Mgt
Regions EMEA
Rule Type Proposed
Rule Date 9/20/2021
Effective Date 11/15/2021
Rule Id 116261
Linked to N/A
Reg. Last Update 9/20/2021
Report Section UK

Last substantive update on 09/20/2021