JERSEY Law and Practice Contributed by: Christopher Griffin, Sophie Hancock, Tshogofatso Dhlamini, Rachael Barber, David Patterson and Mike Kushner, Carey Olsen
issued on behalf of third parties and is issued by way of business.
of the EU General Data Protection Regulation (GDPR), meaning that firms can rely on the free flow of data between Jersey and EU member states. 11.2 Concerns Raised by Open Banking The Data Protection (Jersey) Law 2018 intro - duced a data protection regime in Jersey that is largely equivalent to the principles of the GDPR. As such, the issues faced by the EU in balanc - ing the Second Payment Services Directive ( “PSD2” ) (which permits third parties to access account information and offer new financial ser - vices) with the requirements of the GDPR (which seeks to protect that information) will need to be similarly addressed in Jersey. To that end, the authors note that the European Data Protection Board published guidelines on balancing PSD2 with the GDPR (which include obtaining explicit consent from the consumer and taking responsi - bility for data breaches) and expect Jersey busi - nesses to be under the same direction. Whether this balance is achieved by blockchain initiatives involving encryption or otherwise are all consid - erations that can be explored by stakeholders. Jersey law recognises fraud ( dol ) as both a cus - tomary law crime and as a defect that can cause a contract to become voidable at the instance of the innocent party. Fraud ( dol ) is defined wide - ly as any method by which one person might deceive another, including fraudulent misrepre - sentation. The principal element of fraud ( dol ) is dishonesty. The customary law crime of fraud ( dol ) must be proved beyond a reasonable doubt. A civil law (eg, contractual) claim based on fraud ( dol ) must be proved on a balance of probabilities, based on cogent evidence. 12. Fraud 12.1 Elements of Fraud
11. Open Banking 11.1 Regulation of Open Banking
Jersey is a leading international finance centre and open banking is recognised by industry as an opportunity to help boost both competition and the variety of products in the banking, credit cards, and payments space. While there is no general open banking framework in Jersey, there are no barriers to banks negotiating individual open-banking style standards and contractual terms with third parties (subject to complying with Jersey law generally, including the data protection regime). A watching brief is currently being maintained by the Jersey government, Jersey Finance, Digital Jersey, the JFSC and wider industry on the success of open banking in the UK and local demand. Jersey does, however, have various elements that are consistent with supporting open bank - ing. By way of example, although not a member of the EU, Jersey has introduced the EU Legis - lation (Payment Services – SEPA) (Amendment) (Jersey) Regulations 2015, thereby enabling Jersey banks to participate in the Single Euro Payments Area (SEPA) and therefore make euro payments to and from EU banks subject to the protections and support of the SEPA rules. Jer - sey is also a recognised part of the UK payment system and, as such, offers the protections of that system. Jersey has also developed a strong digital econ - omy, becoming a world leader in connectivity and digital infrastructure. Its data protection regime and legislation has also been assessed as fully compliant by the EC for the purposes
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