Today we have published a consultation paper representing the next phase of our roll-out of Jersey's Resolution Regime, as set out in Policy Statement 2023/01’Resolution Planning and Resolvability’. A summary of the consultation is provided below. The consultation paper and associated documents are also available on the Consultations page of our website.
This consultation seeks feedback on our draft Guidance Note on Continuity of Financial Contracts (Stays). The consultation period will remain open until 16 October 2026.
The draft Guidance Note applies to all Jersey Incorporated Banks that we have determined perform Critical Functions in Jersey. It provides guidance on how such banks may demonstrate compliance with the Continuity of Financial Contracts requirements set out in Policy Statement 2023/01‘Resolution Planning and Resolvability’. In particular, the Guidance Note outlines the steps banks should take to identify relevant financial contracts, assess the risk of those contracts being terminated solely as a result of resolution action, and implement measures to mitigate those risks where appropriate.
Subject to the feedback received, we intend to publish the final Guidance Note before the end of 2026, ahead of banks' first self-assessments against the Continuity of Financial Contracts requirements, which are due by 30 June 2027.
