JFSC Mega-code Update – its not happening [for now!!]
06/06/2023
In the JFSC 2023 programme of consultations there was a proposal for a "MEGA CODE"
The MEGA-CODE would consolidate and simplify the existing codes of practice for regulated businesses such as trust company businesses, fund services businesses and certified funds (albeit excluding the Code of Practice for Alternative Investment Funds).
Jersey Finance has now reported:-
- Given the extent of the work/consultations the JFSC currently have underway, with the resultant impact on industry, and industry’s limited interest in the Mega-Code proposal, the JFSC will not be progressing any further with the Mega-Code proposal during the remainder of 2023 or 2024.
- If, in 2025, there is increased desire from industry, the JFSC may consider a consolidation of the Codes applicable to sectors subject to the Financial Services (Jersey) Law 1998 except for AIFSB.
- Based on the above, reference to the Mega-Code proposal has been removed from the JFSC upcoming consultation page on the JFSC website.
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.