Consultation on JFSC definition of “senior management functions”
05/05/2022
On 29 April 2022, revised legislation came into force that widened the scope of JFSC civil financial penalties regime.
The revised legislation will give JFSC the power to impose a civil financial penalty on an individual in a regulated business who performs a “senior management function”. A financial penalty will be able to be imposed if they were culpable in a significant and material contravention by the business of either the Money Laundering Order or one of our Codes of Practice.
Purpose of consultation
JFSC are looking for feedback on proposed notice that will define “senior management functions”. The notice will determine which senior managers in a regulated business will fall within the scope of the civil financial penalties regime.
To assist trade associations in explaining the consultation proposals to their members and to facilitate feedback to JFSC, the JFSC will be holding a briefing for representatives of those associations during the consultation period. Invites will be sent out shortly.
Impact of consultation
JFSC proposed notice has the potential to affect senior managers working in the finance industry and those working in ‘designated non-financial businesses and professions” - such as estate agents, lawyers, accountants, high value dealers and casinos.
Read our consultation and respond
The closing date for responses to JFSC consultation is Friday 29 July 2022.
Source:
https://www.jerseyfsc.org/news-and-events/consultation-on-our-definition-of-senior-management-functions/
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.