To some extent the result is an anti-climax.

  • No grey listing
  • No national remediation project; and
  • No mass exit of business with corresponding impact on the finances of the island

We passed the exam with apparently minimal actions to remediate. So, what were the ingredients of that success?

  • We reflected on our previous exams and learned lessons
  • We prepared well. The co-ordinated approach across the island, its agencies and industry was critical
  • We brought in experts who had been through an exam before who knew what the examiners were expecting
  • We undertook our own simulated exam using an independent, experienced firm to see how much work needed to be done
  • Key to the preparation was getting industry staff ready to answer the questions well- including mock interviews
  • We took what we had learned from the simulations and feedback and reviewed our framework
  • We knew and acknowledged our weaknesses
  • We went over the report carefully and challenged where appropriate

All of the above is not that different than preparing for a regulatory exam as a business. The one thing we can be sure of is there will be more exams to come, so if your business wants its next exam to be an anti-climax then please get in touch.

Appleby Regulatory Consulting can help with testing your framework, helping you prepare your management and staff for the examinations and with any remediation that may be needed.

For details of the full report, click here.

 

Share
X.com LinkedIn Email Save as PDF
More Publications
The Global Website header
7 Oct 2024

The Global – your offshore corporate law questions answered: October 2024

The Global is a quarterly collection of corporate expert insights and analysis across Appleby's glob...

Appleby-Website-Insolvency-and-Restructuring
26 Sep 2024

Jersey’s insolvency regime continues to develop

Our Jersey expert looks at the significant developments of the legislative framework applicable to i...

Corporate
4 Sep 2024

Types of Debt Securities listed on TISE in 2024

Find out more about The International Stock Exchange (TISE) as a leading European venue for listing ...

The Global Website header
8 Jul 2024

The Global – your offshore corporate law questions answered: July 2024

The Global is a quarterly collection of corporate expert insights and analysis across Appleby's glob...

Appleby-Website-Funds-and-Investment-Services
5 Jul 2024

Updates to the Jersey Private Fund Guide

With effect from 2 July 2004 the Jersey Financial Services Commission (JFSC) has implemented a numbe...

Website-Code-Jersey-2
17 Jun 2024

Leading ARC

This month sees the official launch of Appleby Regulatory Consulting, or ARC for short. Find out mor...

Jersey 1024x576
22 May 2024

Listing and Delisting Eurobonds on The International Stock Exchange

Find out more about the advantages of listing debt securities on TISE, including the wide internatio...

Jersey
7 May 2024

The International Stock Exchange: Structures and Suitability

A summary of Appleby listing agent services in the Channel Islands, including the structures and sui...

Jersey
1 May 2024

BEWARE: GREEKS RECEIVING GIFTS! REPRESENTATION OF EQUIOM TRUST (CI) LIMITED, IN RE MATTAS [2024] JRC 068

A recent Judgment on the principles applicable to charitable trusts, wills and their construction em...

Employment-and-Immigration
30 Apr 2024

Secondary Pensions in Guernsey: Are you ready for it?

After several years of planning (and delays), The Secondary Pensions (Guernsey and Alderney) Law (La...