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JFSC Notice on designating "senior management functions."

12/01/2023

 Following the conclusion of the JFSC  consultation, it published on 2 January 2023 a Statutory Notice designating "senior management functions". 

  1. The initial consultationis here:-
  2. The consultation Feedback outlining the changes made to the originally proposed form of Notice, following respondent comments to the initial consultation, is here:-
THE NOTICE DETERMINES
  1. The Notice determines which senior managers in a registered person
    • will fall within the scope of the JFSC civil financial penalties regime
    • should they be culpable in a registered person's significant and material contravention of
      1. the Money Laundering Order or
      2. a Code of Practice.

THE JFSC NOTICE DESIGNATING "SENIOR MANAGEMENT FUNCTIONS IS HERE:-

  1. https://www.jerseyfsc.org/media/6333/notice-issued-under-article-1-1-of-the-financial-services-commission-jersey-law-1998-designating-senior-management-functions.pdf
WHEN IS THE NOTICE EFFECTIVE
  1. The Notice designating "senior management functions" will come into effect on 13 March 2023.
WHAT TO DO
  1. As a matter of best practice, registered persons should:-
    • Identify which of their employees they consider fall into one of the FOUR CATEGORIES OF SENIOR MANAGEMENT function
      • The categories are in The JFSC Notice.
    • Notify those employees accordingly.
WHAT NOT TO DO
  1. registered persons are NOT REQUIRED TO SEND TO THE JFSC details of who they consider their senior managers to be.
  2. senior managers are NOT REQUIRED TO submit personal questionnaires [PQs]
JFSC
  1. If the JFSC wish to know about a registered person's senior managers, it will specifically request it.

SOURCE

JERSEY

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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.  

news disclaimer -

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.