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Offshore Trusts Report: JerseySupervisory and Licensing Regime Jersey has an extremely well-developed legal and financial infrastructure for trust management. With such a large established base of trusts, and a growing reliance on corporate work, the volume of trust litigation is becoming significant. Jersey's Financial Services (Extension) Law came into effect in November 2000. The law extended the remit of the Financial Services Commission (FSC) under the Investment Business (Jersey) Law 1998 over banking, investment funds and insurance activities into trust and company management, if the underlying activity is connected with financial services. The law's code of practice was applied to relevant financial service providers from 27 November, 2000. Business licensing and qualification regulations came into force from 2 February, 2001, since when firms must have a licence in order to trade, and 28 May, 2001 was the final deadline after which all other businesses had to operate in full compliance with the code of practice. Qualification requirements for most lower category staff had to be fulfilled before November 2003; the deadline for top and middle category employees was November 2005.
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