Wed, Oct 16, 2019

Malin Nilsson Discusses Financial Regulation in Jersey with STEP Journal

Malin Nilsson, Managing Director in Duff & Phelps’ Compliance and Regulatory Consulting practice, spoke to STEP Journal about Jersey’s growth as a global financial centre (center for global site), and in light of that, how the island must balance the flexibility of its product offering with a strong and up-to-date regulatory system.

An extract from the article is below:

“Jersey isn’t a knee-jerk jurisdiction. Decisions such as implementing a register of beneficial ownership take consideration and long-term planning, as Malin Nilsson, identifies: ‘The challenge when building the regulatory framework for any jurisdiction is to balance what are typically opposing objectives – being competitive and open for business, but equally protecting customers as a priority. For example, the regulator is adapting to international standards by introducing a civil penalties regime in addition to its existing toolkit of enforcement powers. While industry may not welcome this increased burden and perceived cost of doing business, Jersey has a long-established policy of planning for the longer term, rather than taking short cuts that only serve to undermine the island’s reputation and prospects for stable growth."