Jersey SECURITIES ISSUERS policies and guidance, including checklists

Following hot on the heels of the JFSC Dear CEO: security issuers are some JFSC policies and guidance, including checklists [SEE BELOW]

READ HERE WHAT THE JFSC HAS BEEN SAYING

• www.comsuregroup.com/news/a-warning-to-jersey-initial-coin token-offerings-and-others-from-the-jfsc/
• https://www.comsuregroup.com/news/security-issuers-jfsc-dear-ceo-says-following-recent-incidents-it-will-not-be-sympathetic/

JFSC POLICY AND GUIDANCE AND INTRODUCTION

The JFSC Dear CEO: security issuers IS a letter for security issuers, including issuers in initial coin/token offerings, under the Control of Borrowing (Jersey) Law 1947 (the COBO Law) and Control of Borrowing (Jersey) Order 1958 (the Order) is a reminder of its policies and guidance including checklists

1. JFSC POLICY AND GUIDANCE AND INTRODUCTION
   1. An increasing number of institutions worldwide use Jersey as a jurisdiction to undertake security issues.
   2. Such securities issues often involve securitisation structures, debt repackaging, capital raising arrangements, and other capital market transactions.
   3. However, security issues require JFSC permissions.
      • The general policy of the JFSC concerning securities issues is to strengthen further the Island’s reputation as a high-quality and well-regulated financial centre.
   4. The policy and further guides and checklists are laid out below.
2. THE JFSC POLICY FOR SECURITIES ISSUES UNDER THE CONTROL OF BORROWING LEGISLATION
   1. The JFSC will generally give consent under the Control of Borrowing (Jersey) Order 1958 to a securities issue provided it is satisfied that
      • The issue is in accordance with the need to protect the integrity of the Island in commercial and financial matters and
      • Is in the best economic interests of the Island.
   2. When considering an application for a Jersey company to issue securities according to the Control of Borrowing (Jersey) Order 1958, the JFSC will have regard to:-
3. The type of investor to whom the securities will be offered
   1. The JFSC would not normally expect structured, complex, or limited recourse securities issues to be targeted at unsophisticated investors.
   2. The JFSC usually expects securities issues targeted at the public to be made only by substantial publicly listed companies or subsidiaries and does not require specialist knowledge to evaluate.
4. The parties involved
   1. The JFSC will wish to be satisfied that the parties involved have a level of stature, experience, and competence commensurate with the significance of their role in the structure.
   2. The JFSC will also wish to be satisfied that the parties involved are reputable organisations that will contribute to the Island’s good name.
5. The issuing company
6. 1. The JFSC will want to be satisfied that the proposed activity of the securities issuing company will be in keeping with Jersey's reputation as a financial centre.

SECURITIES ISSUES FOR JERSEY COMPANIES

1. GUIDANCE AND POLICY ON Circulation in Jersey of offers for subscription, sale or exchange of securities originating outside Jersey =
1. https://www.jerseyfsc.org/industry/guidance-and-policy/circulation-of-offers-in-jersey-of-non-jersey-securities/
2. Checklist for the circulation of offers in Jersey for subscription, sale or exchange of securities originating from outside of Jersey =
1. https://www.jerseyfsc.org/media/1278/gn-checklist-circulation-offers-jersey-subscription-sale-or-exchange-of-securities-originating-outside-jersey.docx
3. Guidance notes for the checklist of securities issues for Jersey companies =
1. https://www.jerseyfsc.org/industry/guidance-and-policy/securities-issues-by-jersey-companies/
4. Checklist of securities issues for Jersey companies =
1. https://www.jerseyfsc.org/media/1277/gn-checklist-for-security-issues-by-jersey-companies.docx
5. CHECKLIST collateralised loan obligation (CLO) refinancing confirmation checklist =
1. https://www.jerseyfsc.org/media/8070/clo-refinancing-confirmation-checklist.docx
6. GUIDANCE NOTES Issuers of the initial coin offerings application guidance notes =
1. https://www.jerseyfsc.org/industry/guidance-and-policy/application-process-for-issuers-of-initial-coin-offerings/
7. Checklist for token issues of Jersey companies =
1. https://www.jerseyfsc.org/media/1279/gn-checklist-for-token-issues-by-jersey-companies.docx

Source

• https://www.jerseyfsc.org/registry/registry-forms/special-purpose-vehicle-forms/