Jersey KEY PERSONs or SENIOR MANAGEMENT functions added to fining schedule that has a maximum £400,000.00 penalty
20/04/2022
The minister for external relations and financial services makes the following order under articles 21b and 22 of the Financial Services Commission (Jersey) Law 1998 and after having consulted the Jersey Financial Services Commission
- Financial Services Commission (Financial Penalties) (Amendment no. 2) (Jersey) Order 2022
- https://www.jerseylaw.je/laws/enacted/Pages/RO-048-2022.aspx
In the above order Article 3 (level of penalties) has been amended
- In Article 3(b) after “principal persons” THERE IS INSERTED “, key persons or persons who perform or performed a senior management function”.
Article 3 Level of penalties now reads
The Commission may impose penalties –
(a) On registered persons only up to the maximum level set out in the third column in the table in the Schedule.
(b) On principal persons, “key persons or persons who perform or performed a senior management function” only up to the maximum level set out in the fourth column in the table in the Schedule,
for the appropriate band of penalty, determined according to the nature of the contravention.
The Schedule (maximum level of penalties) is amended as follows
- In the heading of the fourth column, after “principal person” THERE IS INSERTED “, key person or person who performs or performed a senior management function”.
https://www.jerseylaw.je/laws/enacted/Pages/RO-048-2022.aspx
https://www.jerseylaw.je/laws/current/Pages/13.250.30.aspx
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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.