JFSC to REVISE its OUTSOURCING POLICY – this IMPACTS all SUPERVISED PERSONS [estate agents, accounts, lawyers etc.]
01/07/2022
The JFSC has issued a consultation that proposes changes to the current Outsourcing Policy (OSP) and Guidance Notes.
The big change is
- All Supervised Persons must comply with the Revised OSP per the new consolidated AML/CFT Handbook
other changes:
- Where a Service Provider performs outsourced activity in the form of telecommunication services on behalf of a business, such outsourced activity is not caught
- Specific guidance is provided where a service provider performs outsourced activity in the form of Cloud Services
- Managed Trust Company Business is now exempt from the application of the Revised OSP
- The provisions of and corresponding guidance within the Revised OSP have been amended to read more clearly and to reflect the JFSC's current regulatory framework
More detailed information on each fundamental change is set out in the consultation.
A working group was established between March and April 2022 to review the draft Revised OSP before going out for a more comprehensive public consultation.
It included representatives from various sectors (Banking, TCB, FSB, Legal and Digital).
- The collective feedback of the working group and the JFSC responses are included in the consultation.
- The JFSC is now asking for your feedback on the revised OSP.
Who will the Revised OSP impact?
- All Supervised Persons
- The requirement for all Supervised Persons to comply with the Revised OSP represents a policy change insofar as only regulated persons carrying on regulated business have had to comply with the current OSP and Guidance Notes to date.
Next steps
- The JFSC encourage you to read The JFSC consultation and respond byWednesday,31 August 2022.
- Following The JFSC consultation, The JFSC will publish feedback and issue a final Revised OSP in October.
- There will be a three-month transition period for compliance with the Revised OSP.
SOURCE
https://www.jerseyfsc.org/news-and-events/consultation-on-The JFSC -revised-outsourcing-policy/
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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.