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.”

Read the full article here (p20-21).

 
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