Annual Review 2013

Annual Review 2013

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Contents

CHAIRMAN’S STATEMENTBy Jonathan White

CEO’s STATEMENT By Geoff Cook

PROGRESS AND ACHIEVEMENTS

BANKING

FUNDS

PRIVATE WEALTH

CAPITAL MARKETS

ISLAMIC FINANCE & PHILANTHROPY

INTERNATIONAL MARKETS

TRANSPARENCY & TAXATION

SUPPORTING JERSEY

DIGITAL SERVICES

STRATEGIC PROJECTS

KEY PERFORMANCE INDICATORS

AWARDS AND ACCOLADES

Two heavyweight reports completed in 2013 made significant contributions to extending the industry’s global reach as to both products and markets. The first reviewed our progress since the 2008 report on the future of finance, and identified new initiatives to further strengthen our industry. The second took a hard look at the impact of Jersey’s finance industry on the UK economy, tackling criticisms made of the Island’s role head-on. There is more in the following pages on both reports which, in different ways, support growth in the industry.

Much of Jersey Finance’s work involves acting on developments in the wider environment. These include, in particular, issues stemming from European Union legislation, global regulation and international tax policies. One important achievement in 2013 has been the enhancement of Jersey’s legal and regulatory framework required as a result of the EU’s Alternative Investment Fund Managers Directive (AIFMD). The result has been to maintain open access to European markets, while preserving the ability of fund managers to work in non-European markets as they do now.

Working closely with the Jersey Government and the Jersey Financial Services Commission, we have put the Island at the forefront of efforts to increase cooperation and transparency in taxation and related issues. This has been essential in maintaining awareness of Jersey as a well-regulated IFC making a vital contribution to the world’s economy.

I should like to conclude by thanking all those who contributed to our work in 2013. I must also thank Geoff Cook, Heather Bestwick and the team at Jersey Finance for all their work on behalf of the industry. I am sad to see Heather leaving us but am delighted that we have been able to promote from within to fill what will be a significant gap. This, of itself, speaks volumes of the way in which we have matured as a business in recent years. I am handing on the Chairman’s role in June, secure in the knowledge that Jersey Finance is ready to face whatever challenges are thrown up in a fast-changing world. I have been honoured to serve as your Chairman, to work with the Jersey Finance Team and to represent our Industry.

By Jonathan White Chairman, Jersey Finance

“Jersey Finance is ready to face whatever challenges are thrown up

in a fast-changing world”

2013Chairman’s StatementWelcome to Jersey Finance’s Review of 2013, which sets out what we have been doing throughout the last year to strengthen the Island’s financial services industry.

JERSEY FINANCE ANNUAL REVIEW 2013 | P1

It has been another challenging year for Jersey Finance, but 2013 has also seen significant advances made on our Journey to 2015 plan for increasing Jersey’s leadership as an IFC.

An essential step of that journey was the completion in 2013 of the Finance Industry Strategic Jurisdictional Review which identified major opportunities and challenges affecting Jersey and measures needed in response to them. Conducted in association with McKinsey, the leading global consultancy, it set out a plan designed to sustain the success of the industry for the benefit of the economy as a whole and all the Island’s residents. The Government, the Regulator and industry have joined forces on a steering committee to oversee the report’s implementation, working with the Chief Minister to foster the commercial environment within which private sector innovation can flourish.

Meanwhile, our promotion of Jersey as an IFC with notable international capabilities continued to produce results. New regulations have ensured that Jersey-based alternative fund managers will be able to prosper further under the European Union’s new AIFMD regime. Legislation following the Hastings-Bass ruling has provided Jersey trusts with a real and tangible advantage over trusts governed by the laws of other jurisdictions. All of these activities have been supported by our comprehensive conferences programme, particularly in targeted international markets.

2013Chief Executive’s Statement

“The most comprehensive analysis to date of the considerable contribution made by Jersey to the UK economy”

Throughout 2013, Geoff Cook has been writing insighful articles and offering

commentary on many subjects via www.jerseyfinance.je.

By Geoff Cook Chief Executive, Jersey Finance

P2 | JERSEY FINANCE ANNUAL REVIEW 2013

In July, we published Jersey’s Value to Britain, which provided the most comprehensive analysis to date of the considerable contribution made by Jersey to the UK economy. Prepared by Capital Economics, the respected independent research firm, and supported by the States of Jersey, it demonstrated that the money invested in Britain through the Island would be likely to go elsewhere without Jersey’s activities as an IFC. The report gained significant coverage in Jersey and the UK, and has proved invaluable in influencing British MPs and opinion-formers on Jersey’s worth. To further cement the relationship with the UK, agreement was reached in November on automatic exchange of tax information.

With the EU, G8 and the G20 focusing on tax avoidance in 2013, we have dealt with significant media attention on the Island. We have explained Jersey’s support for cooperation and transparency in taxation matters through measures such as our full support for the G20 Action Plan and for the EU G5 project for automatic exchange of information; and agreeing to automatic exchange of information under the EU Savings Tax Directive (EUSTD).

The confirmation, in December, of Jersey’s removal from France’s list of non-cooperative jurisdictions and the consequence that business between Jersey and France will not be subject to a withholding tax, was very welcome news indeed from a finance industry point of view. With amendments having been made to Jersey’s regulations relating to information exchange, it is now clear that the French authorities are happy with the speed and efficacy of how Jersey responds to information requests, under Jersey and France’s existing TIEA.

The Secretary General of the OECD, Angel Gurría, wrote to Jersey’s Chief Minister in July to congratulate the Island on the measures it has taken in support of international tax transparency. And David Cameron, UK Prime Minister, made a most welcome statement in the House of Commons when

responding in September to questions about the G20 Summit in St Petersburg: ‘I do not think it is fair any longer to refer to any of the Overseas Territories or Crown Dependencies as tax havens. They have taken action to make sure that they have fair and open tax systems.’

Links with the City of London continue to flourish. On a visit to the Island in September, Roger Gifford, the Lord Mayor described Jersey’s financial services industry as ‘a fantastic adjunct’ to the UK economy. ‘They gather funds in a tax-efficient way and send them on to London. That’s a great advantage to the UK.’

In November, Jersey received an AA+ ‘Long Term Issuer Default Rating’, one of the best international credit ratings possible, by Standard and Poor’s (S&P). In addition, S&P gave Jersey a ‘stable outlook’ and a short term rating of A-1+, the highest level possible. This achievement provides us with a further globally recognised metric that can support Jersey’s reputation as a stable, robust jurisdiction on an international stage. Particularly in enhancing relationships with Jersey’s key markets overseas, including Russia, the Middle East, Greater China and Africa, where jurisdictional stability is such an important issue, this rating can provide investors and business contacts with a great deal of certainty and confidence in Jersey’s future as a leading IFC.

Finally, I would like to thank our Members for their valued support, as well as our hardworking team at Jersey Finance. In particular, I would like to extend my gratitude to Heather Bestwick and David Vieira for their outstanding contribution to Jersey Finance, both of whom left us in 2013 to return to industry. We look forward to working with Louise Ashworth who has become Head of Marketing, and continuing to work with William Byrne now Head of Technical and Amy Bryant, our Strategic Projects Head, who will, in addition, assume the role of Chief Operating Officer.

“There is much still to achieve, but 2013 has been a year of

solid progress.”


Appointment of Richard Corrigan as Global Head of Business Development

Jersey Finance announces plans for the Island’s finance industry 2013

Jersey Finance welcomes pan-Crown Dependencies DTAs

Jersey signs TIEAs with Brazil and Latvia

Ground-breaking expatriate pension scheme launched

Plans announced for Companies Law updates and improvements

Jersey Finance consults industry on a UK equivalent to the US FATCA

Jersey’s stability and expertise highlighted at a leading Moscow Conference

Jersey Finance annual Funds Conference, London

Jersey agrees a FATCA tax package with the UK

French business students get insight into Jersey’s finance industry

Jersey signs DTA with Luxembourg

Jersey delegation visits the UAE

Jersey Foundations break through the 200 milestone

States of Jersey visit to Washington to discuss taxation, transparency and the fight against financial crime

Chief Minister visits the UAE to discuss issues including financial services and international development

Announcement of the Finance Industry Strategic Jurisdictional Review findings

New responsive Jersey Finance website launched

Jersey Finance hosts a talk for employers and educators in Jersey to discuss trends in graduate recruitment

Jersey Finance annual Private Client Conference, London

The European Securities and Markets Authority approves Jersey AIFMD cooperation agreement

Progress and Achievements


Jersey commits to signing the OECD Convention on Mutual Administrative Assistance in Tax Matters

Senator Ian Gorst meets the UK Prime Minister with other Chief Ministers to discuss global standards for information exchange and tax transparency in the run-up to the G8 summit

Jersey publishes its own action plan to prevent the misuse of legal persons and legal arrangements

Robert Christensen, Managing Director of Volaw, and Paul Savery, Managing Director of Barclays Wealth and Investment Management, are appointed to the board of Jersey Finance

Chief Minister and Assistant Chief Minister lead a delegation to China

Jersey’s Value to Britain report is launched

DTA between Jersey and Hong Kong is ratified

JFSC signs 25 AIFMD bilateral cooperation agreements with EU/EEA Member State supervisory authorities

Students undertake sixth annual Jersey Finance work experience scheme

OECD Secretary General Angel Gurría, congratulates Jersey on its action on tax transparency

Announcement of Security Interests (Jersey) Law 2012

UK Prime Minister David Cameron states in the House of Commons that he does not think it is fair to refer to Jersey as a tax haven

Jersey signs TIEA with Switzerland

Minister for External Relations meets with France’s Ambassador to the United Kingdom in London

Jersey proposes move to automatic exchange of information for EU Savings Tax Agreements

Heather Bestwick, Deputy Chief Executive and Technical Director of Jersey Finance is recognised in Citywealth’s IFC Power Women 100 list

Jersey continues to raise its profile in mainland China where Jersey Finance represented the Island at a number of business events and met with key officials

Channel Islands Stock Exchange announces that it will publish proposals for a new structure

Jersey signs agreement on automatic exchange of tax information with the UK

Jersey amends its trust legislation to strengthen the legislative framework

Jersey’s commitment to innovation and substance highlighted to Russian wealth professionals at several investor conferences

Progress is made in removing Jersey from French uncooperative jurisdictions list

Jersey visits UAE to foster closer commercial ties

Jersey joins major international copyright convention

Jersey signs tax agreement with Slovenia

Solid and stable third quarter statistics released

Treasury Minister represents Jersey at international finance conference

Jersey announces intention to launch aircraft registry in 2014

Jersey and Guernsey create joint French bureau

Danish Ambassador visits Jersey

Jersey signs FATCA agreement with USA

Jersey removed from French non-cooperative jurisdictions list


The level fluctuated during the year in response to the value of sterling and the expected rationalisation by financial institutions of their business across the Crown Dependencies. However, it is gratifying to note that the growth in deposits from the Middle East continues to rise and at 14 per cent of the total comfortably exceeds deposits from the European Union excluding the UK.

Jersey’s banking sector continues to attract capital from across the world. Its security and strength is underlined by compliance with the Basel standards of capital adequacy, with average core capital across the sector of 14.8 per cent of risk-weighted assets, some 50 per cent higher than the required international standard. The majority of the capital held by banks in Jersey is ‘up-streamed’ to their parent bank operations, which, as the Value of Jersey to Britain report identified, are mostly in London.

The number of bank branches and subsidiaries remained at 42, ahead of the closure by AIB of its Jersey operation announced in 2012 which has yet to be completed. Discussions with potential arrivals on the Island continue.

However Coutts, which already has a banking licence on the Island, announced an expansion plan in June to develop its Jersey operation as the centre for its growing international trust business. It will make a multi-million pound investment in products, services, training, infrastructure and recruitment

to create a centre of excellence on the Island. As a result, Coutts will sell its Cayman Islands business and restructure its trust business in Geneva. Jersey was an attractive base for Coutts’ international trust business, the bank said, given its long history as a stable and secure jurisdiction, the quality of trust law and the significant talent pool of trust and fiduciary professionals on the Island.

During 2013, Jersey Finance participated in several marketing events to support the Island’s banking sector.

In April, we again sponsored the Adam Smith conference Wealth Management and Private Banking: Russia & CIS in Moscow. We also sponsored the British Bankers’ Association sixth Annual International Banking Conference in October.

BankingIn 2013, bank deposits rose for the second year in succession, to just over £150bn, confirming the bottoming out following the financial crisis.

JERSEY BANKING IN NUMBERS 42

BRANCHES & SUBSIDIARIES


Protecting the role of Jersey

Jersey will be impacted by the proposals outlined in the Independent Commission on Banking (‘Vickers’) report, issued in 2012.

The key proposals which impact the Island and the other Crown Dependencies (CDs) of Guernsey and Isle of Man relate to the creation of Ring Fenced Banks (RFBs) which will follow the ‘split’ of retail banking from the perceived ‘riskier’ investment banking business. This is to protect the UK tax payer from future ‘bailouts’ in the event of a bank failure. It is viewed that the systemically important ‘retail’ business can be protected by the removal of the elements of the business which are perceived to present more risk.

In the original legislation it was not possible for RFBs to have operations in the CDs. Following extensive discussions by the CD representatives and the main banks it has been agreed to allow RFBs to have branches in the CDs. A number of practical issues are now being discussed with HMT with a view to finalising a workable agreement in the coming months. The work is being carried out in conjunction with the other CDs and the banks affected. Progress will be dictated by the UK in the context of the broader banking reform issues.

4,950EMPLOYEES

£145.2 BILLION IN DEPOSITS

43%Jersey and UK

11%Other EU Members

17%European (Non-EU)

14 %Middle East

4%Far East

3%North

America

4%Others

Jersey and UK

Other EU Members

European (Non-EU)

Middle East

Far East

North America

Others

Sep-13Jun-13Mar-13Dec-12Sep-12

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(£ b

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All Other European (Non-EU)

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SWITZ

ERLA

ND

MIDDLE

EAST

NORTH

AMERICA ASIA

AFRICA

OTHER

EUUK

Nu

mb

er

GEOGRAPHIC ANALYSIS OF BANK LICENCES MIDDLE EAST DEPOSITS IN JERSEY

BANKING DEPOSITS BY RESIDENCE OF DEPOSITORS


It is highly satisfying that the net asset value of Jersey funds rose during the year, climbing above the £200 billion level in 2013, although the number of funds declined by 3 per cent.

Two-fifths of the investment in Jersey funds comes from the UK, according to the Jersey’s Value to Britain report, which also found that 40 per cent of the investors are outside the European Union. Just over half the funds administered in Jersey are channelled into assets in the EU, particularly in property, where the UK is the destination of almost four-fifths of the investment.

However, the most startling findings of Jersey’s Value to Britain report was that Jersey plays a vital role in channelling investment from outside the sterling area into the UK. If the Crown Dependencies did not exist, 60 per cent of their current business would be conducted outside the UK, with almost all of it going to other non-sterling offshore financial centres.

Jersey Finance has focused on attracting new funds and fund managers to the Island, marketing it as an attractive relocation destination. As a result, we are seeing a continued flow of new managers and applications to establish a physical presence here in Jersey.

We continued to invest in raising the Island’s profile in the sector through a variety of events during 2013, including our own high-profile Annual Funds Conference in London in March, which attracted more than 250 delegates.

Jersey received recognition for the quality of its expertise, regulation and international offering by retaining its title as ‘Best International Finance Centre’ in the 2013 Investment Excellence Awards organised by Global Investor/ISF magazine in July. Factors cited included legislative advancements during 2012, Jersey’s approach to the AIFMD, the growth in the sector and the arrival of seven asset managers on the Island. This closely followed recognition in June as ‘Best in Class for Fund Services’ at the International Fund and Product Awards 2013, organised by Incisive Media.

Technical developmentsThe JFSC feedback paper on managed accounts has been amended to reflect futher comments of the group. Law drafting will need to do the following:■ Introduction of a new class of business under the Financial

Services (Financial Services Business) (Jersey) Order 2009■ Introduction of an exemption from the requirement to

be registered to carry out investment business for those registered to manage managed accounts

■ US$1m minimum level of a managed account

FundsThe funds sector of the financial services industry was undoubtedly hit by the global financial crisis, and the recovery has been gradual and prone to set-backs.

JERSEY FUNDS IN NUMBERS

£194.8 BILLION NET ASSET VALUE


AIFMDThe EU Alternative Investment Fund Managers Directive, which came into force on 22 July 2013, has created a new regulatory framework for alternative investment fund managers in the European Union, with enhanced oversight.

It also introduced an EU-wide passport to allow managers to market alternative investment funds to professional investors across the EU, initially only for EU firms. Passports are expected to be introduced for non-EU firms which comply with the Directive’s requirements from July 2015. However, non-EU firms can, subject to cooperation agreements, market their alternative investment funds in individual EU states until at least 2018. Jersey Finance has worked tirelessly with the Jersey Financial Services Commission and the Jersey Funds Association to ensure that the Island’s alternative fund managers can take advantage of these ‘business as usual’ arrangements.

In April, regulations were introduced in Jersey to ensure compliance, where relevant, with all the criteria set out in the AIFMD, including those needed for the European-wide passport regime when it is implemented in 2015. In May, the European Securities and Markets Authority (ESMA) approved a cooperation agreement with Jersey to this end on behalf of all 27 EU Member State securities regulators, as well as the authorities from Croatia (which joined the EU on 1st July) and Iceland, Liechtenstein

and Norway (members of the European Economic Area). Bilateral agreements were also required with the regulators of each of the EU/EEA countries, and 27 had been signed shortly after the AIFMD introduction date. Direct negotiations continue with the remaining four EU/EEA Member States’ supervisory authorities.

As a result, alternative investment fund managers using Jersey can continue to market their products seamlessly into Europe through private placement rules until at least 2018. When it is possible to move into a fully compliant AIFMD regime, they will have the option of switching to it. They will also be able to continue under the existing regime outside the scope of the AIFMD if they do not want access to EU capital or do not operate in the EU.

Jersey was the first offshore jurisdiction to implement a fully compliant AIFMD regime, ahead of the July introduction date. Jersey has signed an AIFMD co-operation agreement with 27 Member States and is confident that the remaining ones will follow quickly possible. Jersey has not seen a migration away from offshore under the new AIFMD regime: some managers may decide to move onshore, but we anticipate that more managers will be keen to move offshore where solutions outside the AIFMD framework run in parallel, especially those structures that have a large non-EU investor base or that only target EU markets with a straightforward private placement regime.

Alternative investment fund managers using Jersey can continue to market their products seamlessly

into Europe through private placement rules until at least 2018

193UNREGULATED FUNDS

1,348REGULATED FUNDS


Capital Economics, the report’s authors, calculated that assets from corporate and institutional settlors with a value in the region of £1/2 trillion are held in Jersey trusts and Special Purpose Vehicles (SPVs). Of this, around a third ultimately originates from the UK and another third from the rest of the European Union. The report also concluded that a further £0.4 trillion of assets had been settled into Jersey trusts by private individuals.

Of special interest to UK readers, the report also calculated that all of Jersey’s trust and other asset vehicle business is dependent on the Island’s special international status. If the Crown Dependencies did not exist, almost all of this wealth would leave the sterling area, finding its way to other international financial centres where it would be unlikely to benefit the UK substantially.

Jersey Finance has continued to promote further expansion of the private wealth sector through a range of events in 2013, including:

■ Our own Private Client Conference at the British Museum, London, which attracted more than 200 wealth management professionals in May

■ Sponsorship of events such as the Adam Smith Wealth Management and Private Banking, Russia & CIS Moscow conference in April, Legal Week’s Private Client Forum at Lake Como in October and The Sixth Middle East Family Office & Investment Workshop in the Gulf in December

■ Attending a range of events, such as IBC’s Private Client Series High Growth Economics London conference in March

We are delighted to work closely with the Society of Trust and Estate Practitioners (STEP), the global professional body whose 1,200 or so members in the Jersey branch make it STEP’s largest. Jersey Finance sponsored STEP Dubai in early March, its Annual Tax Conference in London in October, STEP Asia in November, and December’s Chairman’s reception and STEP Interests Group events.

Private WealthThe importance of the management of private wealth to Jersey’s finance industry has been underlined this year with the publication of the Jersey’s Value to Britain study.

JERSEY PRIVATE WEALTH IN NUMBERS

232FOUNDATIONS


Technical developmentsRevisions to the Trusts (Jersey) Law 1984 were approved by the Privy Council and enacted into law in October 2013 providing Jersey trusts with a notable advantage over trusts governed by the laws of other jurisdictions. It codifies the law on mistake and the so-called ‘rule in Hastings-Bass’ and provides trustees and beneficiaries with a welcome alternative in rare situations of inadvertent error.

The position established in Jersey case law was that a decision of a trustee was voidable where a trustee making a decision had taken account of irrelevant factors and/or ignored relevant ones, including matters relating to tax. As to mistake, a transaction could be set aside where it was shown that a causative mistake of sufficient gravity had occurred. The rules established in previous decisions of Jersey’s Royal Court have now been placed on the statute book.

These statutory remedies will ensure that, for Jersey law trusts, beneficiaries continue to be afforded extra options when trustees or their advisers act in error. They accord with past decisions of the Jersey courts which have, in appropriate circumstances, utilised the solution provided by Hastings-Bass in preference to a negligence claim against the providers of the incorrect advice, an inherently uncertain and costly route. For many, the continued ability to apply for Hastings-Bass relief will be greatly welcomed.

FoundationsThe growth in the number of Jersey foundations continued in 2013, five years after their introduction. It is understood that around one third of the foundations are used for philanthropic or charitable purposes, with a further third used by ultra-high-net-worth families as part of their wealth management and dynastic planning strategies. Foundations are also in use for commercial purposes and for holding high value or luxury assets.

The innovative structure and regulatory environment of Jersey Foundations have proved attractive to a wide range of investors from around the world and are particularly popular in civil law jurisdictions where the common-law concept of the trust is less familiar. As well as strong uptake in continental Europe, including Switzerland and the Netherlands, there have been high levels of interest from Asia, including the Far and Middle East, with a number of foundations being used for Shariah-compliant financing arrangements.

The innovative structure and regulatory environment of Jersey

Foundations have proved attractive to a wide range of investors from

around the world

1,200MEMBERS OF THE SOCIETY OF TRUST AND ESTATE PRACTITIONERS

REGULATED TRUST COMPANY BUSINESSES

896


Capital MarketsJersey has retained its position as the jurisdiction of choice for corporate entities seeking to list, with the greatest number of FTSE 100 companies registered outside the UK.

£165 BILLION VALUE OF JERSEY- BASED LISTED COMPANIES

The Island is home to 38 companies listed on the main London Stock Exchange market and 54 quoted on AIM. The remainder are listed on Euronext Amsterdam, the stock exchanges in Luxembourg, Hong Kong and Toronto, and the New York Stock Exchange NASDAQ market. The total market capitalisation of the 105 companies was over £157 billion at the end of September 2013, with the 92 listed in London valued at £145 billion. Jersey also has 318 listings on the Channel Islands Securities Exchange Authority (CISE), including 97 SPVs.

As part of our campaign to develop capital markets business into a ‘fourth pillar’ of the Island’s finance industry, every opportunity is taken to reinforce Jersey’s attractions for listings and other such transactions. In particular, Jersey Finance secured silver sponsorship at the China-Britain Business Council (CBBC) annual flagship conference China Outbound 2013, held in Shanghai in September. In addition to providing opportunities to meet senior Chinese executives and officials, the conference discussed the latest trends of China outbound investment, increasing M&A activities in Europe and Africa across various industries, cross-border transactions issues including legal, regulatory and communication considerations, and raising capital in international capital markets.

2013 Activity2013 saw Foresight Group LLP, a London-based asset manager, raise £150 million ($242 million) in an initial public offering for a Jersey fund focusing on solar power investments. The share offering was the U.K.’s fourth clean-energy IPO in 2013.

Starcom Plc, a Jersey-based technology company forming part of an Israeli group listed on AIM in February 2013. The company focuses on the development of wireless solutions for the remote tracking, monitoring and protection of various types of assets and people and had a market capitalisation, at the time of listing, of £14.22 million. Starcom’s listing was the first for an Israeli company in London since September 2011.

The Jersey company, RapidCloud International plc, the computing services, web hosting and web solutions provider based in Southeast Asia was admitted to trading on AIM in August 2013 and the placing raised approximately £1 million (before expenses), giving the company a market capitalisation of £9.4 million. The purpose of the IPO was to fund continued growth in RapidCloud’s business, and the net proceeds of the placing will be used by the group for geographical extension and expansion, in particular into Indonesia, Thailand and the Philippines.

In December 2013, SyQic was admitted to the AIM market with gross placing proceeds of £2.45 million. SyQic is a Singapore and Malaysia based provider of live TV and video content over the internet for mobile phones and tablets. Chinese e-commerce operator JQW had an IPO on AIM, selling 10% of its stock and raising gross proceeds of £6.7m. JQW provides small and medium sized Chinese businesses with an online platform to advertise their products and services to other businesses.

105COMPANIES LISTED ON THE GLOBAL EXCHANGES


Islamic Finance & Philanthropy

PIONEERINGISLAMIC FINANCE WITH A WIDE RANGE OF TAILORED STRUCTURES

232 FOUNDATIONS

HAVE A CHARITABLE OR PHILANTHROPIC PURPOSE

APPROX

Islamic FinanceJersey has been a pioneer in Islamic Finance for many years, offering a range of services through our flexible legal system and measured regulatory regime. The Island’s funds sector is a leader in Islamic asset management, and there is expertise in the industry on the creation of SPVs that can be used with a variety of Shariah-compliant capital market transactions, including sukuk (Islamic bonds). Jersey trusts have proved appealing to families and charitable/philanthropic institutions from the Gulf Region where the institution of the Waqf is not dissimilar. Jersey foundations have also attracted interest from the region.

To further raise the Island’s profile in Islamic Finance, Jersey Finance exhibited at the Ninth World Islamic Economic Forum in London at the end of October. Under the theme of Changing World, New Relationships, it discussed the emergence of new economic linkages between nations across borders, religions and cultures.

PhilanthropyThe creation of Jersey foundations has highlighted one aspect of what the Island has to offer for tax-efficient philanthropic activities, around a third of the 232 foundations are thought to have a charitable or philanthropic purpose. Trusts and non-profit vehicles such as companies and partnerships are also attractive for such purposes. Trust law allows for both

charitable trusts and non-charitable purpose trusts that can focus on activities that may not be strictly defined as charitable but are nevertheless altruistic in nature, such as humanitarian, ecological and research causes.

In this context, the Government has been consulting with the industry on possible developments in charities law. These would include providing an up-to-date definition of what a charity is, requiring there to be a public benefit and setting up a public register. Jersey Finance has facilitated the consultation through our website, by organising a discussion event for members in July at which the proposals were presented and forming a working group of experts from industry. The plan is for a draft law to be lodged with the States early in 2014.

Jersey Finance delegates attended the European Venture Philanthropy Association annual conference in Geneva. The event attracted more than 500 delegates from the Venture Philanthropy world and provided an opportunity to meet with industry experts. In addition, we sponsored the London STEP Philanthropy programme, comprising five events throughout the year discussing topics relating to philanthropy within a domestic and cross-border context.

Jersey has been leading the way in providing attractive and flexible charitable and not-for-profit vehicles for philanthropic purposes; it has an enviable reputation as a trusts jurisdiction, flexible companies legislation, one of the widest available arrays of partnership structures and a popular and innovative foundations law.


The Finance Industry Strategic Jurisdictional Review prompted a re-focus of Jersey Finance’s marketing programme, refining the previous three-tier approach into a new four-tier approach.

This reflected its recommendations on the most promising growth markets and its strong advice to protect Jersey’s position in significant existing markets.

Top priorities in the re-focused programme are the key frontier markets of UAE, Saudi Arabia and Russia, then the future options markets of India, China and Brazil. Next are the traditional markets of the UK and Western Europe that will grow more slowly, but still account for a large share of the assets and deposits in Jersey. Finally, there are the secondary frontier markets which look set to be the next group of economies to follow the first generation emerging markets in stellar growth: South Africa, Nigeria and Kenya.

The first category, the key frontier markets, attract the biggest share of Jersey Finance resources, with dedicated management capacity, offices in key markets and a regular presence of senior staff at conferences, on delegations and generally taking advantage of networking opportunities.

MARKET STRATEGY

Brings together senior Jersey-based executives with international responsibilities and

representatives of the Island’s trade associations.

1We have reconfigured our

engagement groups for target markets by bringing together experts

from Jersey Finance members at three levels.

International Markets


JERSEY ADVISORY

Made up of senior individuals operating in the key target markets that can provide us with authoritative intelligence on in-market developments and advise

on strategic implementation.

COMMUNITY OF INTEREST

Comprising Jersey-based individuals with specific experience and interest in the

target subject of each group.

2 3

Delivering success in overseas markets depends heavily on

our human capital.

Some market re-alignment has been made during 2013 and we are midway through introduction of additional headcount to the team. Notably, this will support the step-up of our efforts in the growth markets of Saudi Arabia, Russia and Africa whilst reinforcing our presence in London.

Our Business Development team conduct regular visits to various markets for events and conferences to raise the profile of Jersey’s finance industry and keep in touch with key contacts who advise and intermediate capital flows.


International Markets

TRADITIONAL MARKETS

UK, Western Europe

The UK and the mature Western European markets are expected to continue growing, though at lower rates than the growth markets. However, more than half the banking deposits on the Island, the assets held in Jersey trusts and the investment in Jersey-domiciled funds come from the UK and Western Europe. So Jersey continues to devote considerable resources to protecting these traditional markets for funds, private wealth, capital markets and banking. A UK-based Business Development Manager will lead this work in 2014.

As detailed in earlier pages, we work through marketing events and sponsorship programmes to raise Jersey’s profile in the UK. We again hosted successful London conferences to promote both the funds and private wealth sectors during the year. We engaged with London-based intermediaries to ensure that they are aware of everything that the Island has to offer, and of our leadership position on tackling transparency issues.

We have also engaged positively with European Union initiatives, such as the automatic exchange of information requirements being introduced under the EUSTD. And we have supported the EU G5 project that brings together the UK, France, Germany, Italy and Spain on an agreed automatic information exchange pilot along the lines of the US FATCA legislation.

KEY FRONTIER MARKETS

UAE, Saudi Arabia, RussiaThe key frontier markets are those whose share of global financial wealth will continue to increase as the decade progresses, with the wealth of their high-net-worth households growing at a rate of more than double that of the advanced economies. Jersey Finance’s priority in them is to strengthen awareness of the Island’s 50-year history as a leading IFC and to highlight the finance sectors that are of interest in each country.

One tool in this task is the series of brochures branded ‘Links with’. The Russia version was published in 2013, with examples of historic connections including Jerseyman Daniel Dumaresq who advised Catherine the Great on education and Karl Marx who visited Jersey in the 19th century with his partner Friedrich Engels. We have also completed Links with the GCC. The main focus in Russia is to promote Jersey’s private wealth sector, which has already proved attractive there. For the Gulf region, banking and funds join private wealth and Islamic Finance as key sectors. Visits to the Gulf by the Chief Minister, the Treasury and Resources Minister, the Minister for International Affairs and the Director of Financial Services for the States of Jersey strengthened relationships with key figures in the region.


SECONDARY FRONTIER MARKETS

Nigeria, Kenya, South AfricaThe secondary frontier category of Jersey Finance international markets activities targets a group of economies that look likely to provide the next phase of global economic growth. South Africa has been on our priority list for some years, but other promising candidates from Africa, the fastest growing global region for some years where Kenya and Nigeria are now offering exciting potential, now join them. After research visits, we are formulating plans to enter all three markets.

Private wealth will be a focus for all three markets, with the addition of funds and capital markets for South Africa.

FUTURE OPTIONS

India, China, BrazilFor China, India and Brazil, banking and funds join private wealth as key sectors, with the addition of capital markets for China.

To demonstrate Jersey’s commitment to China, Locate Jersey, the Island’s inward investment team, has appointed a project manager in Beijing using the services of the China-Britain Business Council Launchpad scheme.

Meanwhile, Jersey Finance has announced plans to further invest in Greater China through on-ground representation in Shanghai, complementing the activities of our office in Hong Kong that has acted as a hub for development of the Greater China market since 2009. Jersey Finance visited China within a Chief Minister led delegation in July and also supported the Lord Mayor of London in his visit to China during September 2013.


Transparency & Taxation

G20 LEADERS’ SUMMIT 2013Jersey has been leading the push amongst IFCs on the G20 Action Plan over Data Capture and Information Exchange

G8 SummitBritain’s role hosting the 2013 G8 Summit in Northern Ireland at the end of June allowed it to set tax evasion and transparency as the themes. In the run-up to the Summit, David Cameron worked with the three Crown Dependencies and seven Overseas Territories to ensure that they were meeting global standards in information exchange and tax transparency. Senator Ian Gorst met the UK Prime Minister and other Chief Ministers in mid-June to discuss the agenda, following which Mr Cameron said he commended the leadership shown by the ten jurisdictions.

Jersey agreed three steps to advance the tax, trade and transparency global agenda subject to creating a level playing field in which all finance centres competing in the global market place comply with international standards:

■ Active support for the new pilot initiative of automatic tax information exchange launched by the EU G5 - UK, France, Germany, Italy and Spain

■ The publication of a national action plan on beneficial ownership

■ Signing up to the OECD Convention on Mutual Administrative Assistance in Tax Matters

Jersey will continue to support the work of the Global Forum on Transparency and Exchange of Information for Tax Purposes through our role as a Vice-Chair of the Forum’s peer review group.

Jersey Finance and the Government undertook numerous interviews with national, European and international media ahead of the Summit.

The G20 Leaders’ SummitThe Leaders’ Declaration listed three key advances on tax transparency:

■ Progress by the 112 countries supporting the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes, which provides for information exchange on request

■ The adoption of a 15-point action plan to combat tax-base erosion and profit-shifting

■ Proposals to develop a global standard on automatic exchange of information, building on the US FATCA arrangements and the EU G5 pilot

Jersey’s performance on the OECD Global Forum agenda has already been described as cooperative and responsive. On tax-base erosion and profit-shifting, Jersey is not really involved as the Island is not a treaty jurisdiction.

On automatic information exchange, Jersey has reached agreement to implement it with the US, Japan, the UK and the rest of the EU G5 Member States. We have made arrangements to become a signatory of the OECD Convention on Mutual Administrative Assistance in Tax Matters.

In addition, Jersey has also submitted a G20 Action Plan to the UK covering enhanced data capture and information exchange mechanisms, building on our strong position on beneficial ownership records. While the Island is far ahead of most IFCs in its alignment with the G20 aims, we continue to argue for these measures to be adopted universally as they will be expensive and resource-hungry. It is important that all nations share that burden of tackling tax evasion with equal commitment and reciprocity.

G8 SUMMITJersey has worked openly with the G8 in 2013 to advance tax, trade and transparency regulations


Transparency & Taxation

European Union Savings Tax DirectiveJersey’s Chief Minister took a ministerial decision in August to prepare amendments to the Taxation (Agreements with European Union Member States) (Jersey) Regulations 2005 in order to permit the automatic exchange of information in relation to EU Savings Tax Agreements.

Paying agents will be offered the option of moving to automatic exchange once the Regulations are in force, ahead of it becoming mandatory at the start of 2015. This optionality was included in response to the wishes of financial institutions in Jersey with offices in Guernsey and the Isle of Man which wanted to harmonise their systems at the earliest possible date.

FATCA: US and UKNegotiations opened in 2012 with the US on an agreement over arrangements to implement the Foreign Account Tax Compliance Act (FATCA).

Following consultation with the Island’s finance industry, Jersey agreed a package of tax measures with the UK Government on similar terms. The measures additionally provide an alternative reporting arrangement for UK residents categorised as non-domiciled for tax purposes (‘res non-doms’). There is also a disclosure facility so that investors with assets in Jersey can regularise their past tax affairs before automatic exchange of information on their accounts.

In October, Jersey signed an intergovernmental agreement (IGA) on automatic exchange of tax information between Jersey and the UK. The IGA with the UK is similar to the FATCA agreement with the United States, which was signed in December. Both agreements were negotiated and are aligned with those agreed by the other Crown Dependencies.

OECD ConventionJersey supports the OECD Convention on Mutual Administrative Assistance in Tax Matters, which was amended to bring it in line with international standards on exchange of information for tax purposes and to open it up to all countries in accordance with the G20 initiatives.

Since the Convention can only be signed by a sovereign state, the Chief Minister took a ministerial decision on 13 September 2013 to prepare draft legislation that would extend to Jersey the UK’s ratification of the Convention. It provides the necessary statutory provisions to implement the Convention required before the UK can request the extension. Jersey anticipates becoming party to the Convention in May 2014.

International RecognitionJersey is a transparent and well regulated IFC, supervised and highly rated by the IMF, conforming to the highest international standards on information exchange, and cited as cooperative and responsive by the OECD.

The Island is a centre that is committed to meeting and exceeding international regulatory standards, through the Basel rules on banking, through IOSCO’s principles on securities and through observance of the International Association of Insurance Supervisors principles.

In November, Jersey received an AA+ ‘Long Term Issuer Default Rating’, one of the best international credit ratings possible, by Standard and Poor’s (S&P). In addition, S&P gave Jersey a ‘stable outlook’ and a short term rating of A-1+, the highest level possible. This achievement highlights Jersey’s strong policy settings and the fact that Jersey has no public debt. The S&P report also reflects the maturity of Jersey’s financial services infrastructure, the high quality service and regulatory standards which organisations adhere to, the strong liquidity of Jersey’s banking system and the safeguards that are in place to protect investors, such as the banking depositors’ compensation scheme.

OECDJersey agreed to extend ratification of the OECD Convention on Mutual Administrative Assistance in Tax Matters

EUSTDJersey has implemented regulatory changes to allow relevant information exchange

FATCA: US & UKJersey worked with US and UK authoritiesto agree mutually acceptable tax reporting measures


Community Channel

Examples of the events staged and the money raised can be found on a new Community Channel on the Jersey Finance website.

In 2013, projects included: a facelift for the St Helier Cheshire Home by some 40 staff of Deutsche Bank, £1,500 donated to the JSPCA by the trust company Hawksford and £64,075 raised for the RNLI in the Channel Islands by staff from RBS International on a sponsored cycling relay from Lands End to John O’Groats.

Education

A vital activity from the point of view of both the finance industry and the Island has been our engagement with students through their education and beyond.

There is a natural self-interest in this work, but we see it as much more than simply a recruitment tool for the industry. While we hope that students will consider a career in finance, we have also helped them to make the right career choices and to follow them through to success. Through preparing students for the jobs market, including internships and work experience, Jersey Finance Members spoke to 434 students.

In 2013 our Members also supported Government schemes such as Advance to Work and Work Plus, as well as Jersey Finance activities such as our Schools Roadshow Programme. The ‘Your Life in Finance’ programme was run again over the summer of 2013, as was the Careers Fair with the support of Jersey Finance and Member firms.

Jersey Charity Awards 2013

Jersey Finance first became involved in the Jersey Charity Awards in 2011 when their launch coincided with our industry’s charity fundraising efforts to celebrate 50 years of the modern finance industry.

The awards recognise and celebrate the achievements of local charities and help raise the profile of charitable and voluntary activities in Jersey. The 2013 prizes were presented to the small, medium and large category winners by the Lieutenant Governor Sir John McColl and Jersey Finance’s Chief Executive Geoff Cook at the awards ceremony at Government House in September.

Supporting JerseyJersey’s finance industry is a major contributor to the island’s economy, providing work for more than 12,000 people, expenditure on the Island of around £400 million and almost £300 million a year in taxes. However, Jersey Finance Members also contribute much more to the community through their own programmes, especially to education activities.


Supporting Jersey Digital Services

79% INCREASEIN VISITS

120% INCREASEIN UNIQUE VISITS

268% INCREASEIN VISITS VIA TWITTER

1,071% INCREASEIN VISITS VIA MOBILE DEVICES

141% INCREASEIN VISITS VIA LINKEDIN

Its capability has been demonstrated by the creation of a new interactive online tool designed to help explain and clarify the status of Jersey’s cooperation agreements with European countries in the implementation of the AIFMD. This gives details of the AIFMD private placement arrangements and transitional provisions.

There are other clever technical improvements, such as a ‘responsive’ design which automatically adjusts the display to fit on screens of different sizes, monitors, tablets and smartphones, for example. The live chat facility provides live support to users, which has been very well received. ‘You have no idea how much time you have just saved me!’ said one, while another said he was very impressed that we had live support.

Overall, the new website has almost doubled the number of unique visitors, who on average view 57 per cent more pages. There has been a huge leap in access from mobile devices, and a more than tenfold increase in visits via Twitter.

Jersey Finance has also been busy online in 2013. We launched a revamp of the website in May, completely redesigned to reflect its growing role in promoting the Island’s wide range of financial services and positioning Jersey as a leading international financial centre.

The main English language site is complemented by dedicated ‘feeder’ sites for the Gulf, Russia, China and India. It is also fully integrated with social media platforms such as Twitter, Facebook, LinkedIn, Google+ and YouTube. Bookings for Jersey Finance events can be made and paid for through the website.

Jerseyfinance.je is integrated into Jersey Finance’s contact database. The website allows us to attract and register new contacts from around the world, which can then be fed into the marketing and business development programmes to be followed up in person through our international offices, a valuable resource in helping Jersey Finance’s growth.


In 2007, Jersey Finance commissioned, in conjunction with the Island’s Government, a strategic review of Jersey’s finance industry in partnership with the London Business School.

Finalised in 2008, The Future of Finance 2015 set out a roadmap for increasing Jersey’s leadership as an IFC over the subsequent seven years. But much has happened since then, not least the greatest financial crisis in living memory. In this section of the Annual Review 2013, we set out the findings of two heavyweight studies we commissioned in 2012 to ensure that we can build on the achievements of the Island’s finance industry since the original report.

Strategic Projects

JERSEY FIRMS AND ORGANISATIONS CONSULTED

EXTERNAL ‘GATEKEEPERS’ CONSULTED

SENIOR EXPERTS’ VIEWS SOUGHT

WORKSHOPS WITH INDUSTRY PARTICIPANTS

110 40 25 30

The Finance Industry Strategic Jurisdictional ReviewOne of the two studies was supported by McKinsey, the international consultancy firm, with the aim of securing Jersey’s future as a leading IFC.

It reviewed the progress made since the 2007-08 report, identified the trends and challenges affecting Jersey’s role as an IFC and set out steps the Government, Regulator and finance industry needs to take to adapt its model in a fast-changing global environment.

In the course of its study, McKinsey consulted more than 110 Jersey firms and organisations, interviewed 40 external ‘gatekeepers’ who introduce business to Jersey and sought the views of 25 senior industry experts about the future shape of international financial services. There were also 30 workshops with industry participants to assist with the strategic thinking.

The findings of the Review saw the outlook as promising for Jersey:

■ Cross-border investment flows will accelerate■ Tax regimes will not be harmonised and competition

between jurisdictions will remain■ Wealth accumulation will increase rapidly, particularly in

emerging markets, while political instability will remain an important factor in investment decisions

The analysis concluded that there is a strong long-term future for IFCs if they can successfully tap into the growth in cross-border investment flows and provide services to the wealth creators in the growth markets.

The research also highlighted that there is no ‘magic bullet’ for instant success but said that the priority must be to protect and nurture the Island’s existing achievements from the threat of competitive challenges. This should be placed ahead of moving into new sectors, it added, in order to ensure the long-term prosperity of Jersey’s finance industry.

One of the key findings from the Review was that the primary responsibility for innovation must lie with the private sector. The role of the Government and the Regulator is to foster the commercial environment within which innovation can flourish, it said, which requires clear lines of government responsibility for financial services.

Following on from this, the Council of Ministers in April endorsed the transfer of political responsibility for the finance industry to the Chief Minister. The Minister of Treasury and Resources was asked to assist by taking on many of the operational tasks involved in putting the McKinsey recommendations quickly into effect. At the same time, a steering committee was established, bringing together the Government, the Regulator and industry, to oversee the entire effort and ensure progress is maintained and key initiatives are delivered.


In conjunction with members of industry, Jersey Finance has established working groups to progress certain recommendations identified by McKinsey and a number of meetings have been held to date. Similar groups have been established by government and there is appropriate collaboration between government, industry and the regulator. Progress in respect of the initiatives will be shared with industry as appropriate in 2014.

We are mindful of the considerable time and effort from industry to participate in the various initiatives and we are confident that the work undertaken will maintain and enhance Jersey’s status as a leading IFC.

Jersey’s Value to BritainThe second study was produced by Capital Economics, a leading London-based economic research firm, which we commissioned to analyse the impact of Jersey’s economy on Britain, particularly the Island’s finance industry.

With fiscal austerity necessary following the financial crisis, all governments have become increasingly focused on whether the role of IFCs undermines their attempts to reduce their deficits. The resulting report provided the most comprehensive and authoritative analysis to date of the contribution Jersey’s economy makes to the UK.

If Jersey did not exist, the study said, 84 per cent of the Island’s financial services business would be at risk of leaving the sterling zone. This business, and the consequent investment, would be likely to migrate to other offshore centres and not to London, costing the equivalent of around 150,000 British jobs.

The overall conclusion was that Jersey and the City of London have a symbiotic relationship, in which each benefits and supports the other, something we have always believed but can now substantiate with robust data.

The report stimulated a great deal of interest with policy makers, the media and City firms, as well as Members of Parliament, after an editorial was published in their weekly magazine, ‘The House’. The report has been widely disseminated, providing a strong platform on which to build positive messaging.

£0.5TRILLION

JERSEY

JERSEY

180,000JOBS£9

BILLION

THE VALUE OF

TO THE UK

In total, Jersey supports an estimated 180,000 British jobs and adds £9 billion to the United Kingdom economy.

£118 billion is channelled from Jerseyto the UK, representing 1.5% of the funding of the whole UK banking system.

Jersey is a conduit for almost £1⁄2 trillion of foreign investment into the UK, which is 5% of the total stock of foreign owned assets in the country and could be supporting over 100,000 British jobs.

84% of the islandʼs financial services business would be at risk of leaving the sterling zone if Jersey did not exist. This business, and the consequent investment, would likely migrate to other offshore centres and not to London.

The States of Jersey has a unique and valued relationship with the UK, underpinned by our shared culture, values and history.Like the UK, we are a mature democracy with well-developed legal and professional systems.Our shared agenda with the UK includes zero tolerance of tax evasion and a commitment to transparency.

ELSEWHERE

£118BILLION

5%FOREIGN

INVESTMENT

INVESTED IN BRITAIN REACHES THE UK THROUGH JERSEY

IN E

VER

Y

£20 180,000£1CHANNELLED FROM JERSEY TO THE UK

£118bnJOBS SUPPORTED BY JERSEY


“Promoting the message that Jersey has a well regulated

finance industry that operates to high standards - that Jersey adds value to the UK and also to other

countries that benefit from inward investment flows through Jersey”

“Defending Jersey’s reputation internationally, co-ordinating industry responses to legislation

and assisting with information provision”

“International PR activity has been successful again this

year and is very useful in the current climate, the work JFL did in respect of the French TIEA was most appreciated”

KPIsMembers’ Feedbacktaken from our 2013 Member survey

Q What activities do you think Jersey Finance does particularly well?

JERSEY FINANCE MEMBERS

EDITORIAL ITEMS

ADVERTISING VALUE EQUIVALENCY

166 749£1.95MMARKETING IN NUMBERS


“New markets - we need to be quicker and more innovative, In consultation be more representative of smaller businesses, large groups dominate and influence too much. Continuing to improve image

in the local community”

“Seeking to promote a better level of understanding within Jersey - particularly amongst

States Members and the media - of the finance industry and the

benefits that it brings to the Island”

“Managing and advising government on the

Industry. Responding to negative media attention

on Jersey”

“Legal and technical - better mapping and local awareness

building of forthcoming local and (relevant international)

regulatory changes”

KPIsMembers’ Feedbacktaken from our 2013 Member survey Q What activities do you

think Jersey Finance could improve, and in what way?

EVENTS PRESS RELEASES/ STATEMENTS/ ARTICLES ISSUEDIN

TER

VIE

WS

125 12580ATTENDEES27,953


How well does Jersey Finance fulfil the following activities?

Overall, how well would you rate value for money provided by Jersey Finance?

Q

Q

Representation of industry issues

Provision of technical information

Operation of technical working groups

Community of Interest Groups

In-country support

New market visits and events

Existing market visits and events

Jersey Finance events

Local media relations / PR activity

International media relations / PR activity

Activities to promote careers in finance

In Our Community

Jersey Finance “Links With...” publications

■ VERY GOOD ■ GOOD ■ SATISFACTORY ■ POOR ■ VERY POOR DONT KNOW

0% 20% 40% 60% 80% 100%

0% 20% 40% 60% 80% 100%

KPIs

CONSULTATION RESPONSES SUBMITTED

WORKING GROUPS

PIECES OF INTERNATIONAL LEGISLATION/REGULATION

7 3728TECHNICAL IN NUMBERS

19%Excellent

58%Good

19%Satisfactory

3%Poor

EXCELLENT

GOOD

SATISFACTORY

POOR


Representation of Industry issues

Provision of technical information

Operation of technical working groups

Community of Interest Groups

In-country support

New market visits and events

Existing market visits and events

Jersey Finance events

Local media relations/PR activity

International media relations/ PR activity

Activities to promote careers in finance

In Our Community

Jersey Finance “Links With...” publications

■ VERY USEFUL ■ QUITE USEFUL ■ USEFUL ■ NOT VERY USEFUL ■ VERY POOR DONT KNOW

0% 20% 40% 60% 80% 100%

0% 20% 40% 60% 80% 100%How useful are the following activities supplied by Jersey Finance?

Overall, how would you rate your experiences of working with Jersey Finance?

Q

Q

PRO-BONO TIME GIVEN BY MEMBERS

TECHNICAL BRIEFINGS & MAILSHOTS

£5.3m 21

EXCELLENT

GOOD

SATISFACTORY

26%Excellent

61%Good

13%Satisfactory


Jersey wins INTERNATIONAL FINANCIAL CENTRE OF THE YEAR in the Citywealth International Financial

Centre Awards 2013 in London

Jersey wins

INTERNATIONAL FINANCIAL CENTRE OF THE YEAR for the second time at The Wealthbriefing European Awards 2013

Jersey judged

BEST IN CLASS FOR FUND SERVICESat the International Fund and Product Awards 2013

Jersey retains its title as

BEST INTERNATIONAL FINANCE CENTRE

in the annual Investment Excellence Awards organised by

Global Investor/ISF magazine

Jersey retains position as the

HIGHEST RATED OFFSHORE JURISDICTION

in the Global Financial Centres Index (GFCI)

Jersey named as

BEST FUNDS CENTRE in inaugural Investment Week awards

Jersey Finance wins

BEST USE OF PR at CIM Marketing Excellence Awards 2013

Jersey receives

AA+ CREDIT RATING with stable outlook

Awards and Accolades 2013


Awards and Accolades 2013

www.jerseyfinance.je

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Annual Review 2013

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