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| Jersey Proposes New Regulations For Market Traded Companies |
by Jason Gorringe, Tax-News.com, London
Monday, January 18, 2010
The Jersey Financial Services Commission on January 14 published a consultation
paper on two new Orders proposed to be made under the Companies (Jersey) Law
1991.
The two Orders follow on from the recent decision of the States Assembly to
make the Companies (Amendment No. 4) (Jersey) Regulations 2009, which will,
amongst other things, amend the Companies Law to provide a registration and
oversight regime for auditors of market traded companies and provide for market
traded companies to be required to follow certain prescribed accounting standards
when preparing their accounts.
The first Order, the Companies (Audit) (Jersey) Order, will prescribe:
- what information the Register of Recognized Auditors must contain, what
form it must take, and other ancillary matters relating to the keeping of
the Register by the Commission;
- what the rules governing the conduct of the audit of market traded companies
by Recognized Auditors must contain; and
- certain independence requirements that all auditors of Jersey companies
must satisfy.
The second Order, the Companies (GAAP) (Jersey) Order, will prescribe
which "generally accepted accounting principles" (GAAP) a market
traded company shall use when preparing its accounts. The accounting principles proposed are:
- Canadian GAAP;
- Japanese GAAP;
- United Kingdom GAAP;
- United States GAAP; and
- International Financial Reporting Standards
Subject to ministerial approval, the intention is that both Orders will come
into force on April 5, 2010 (the same date as the States Assembly is expected
to be asked to bring the Regulations into force).
Comments on the proposals must be made before February 15, 2010.
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