After 13 years, the JFSC withdraw "Regulatory Directions" on an ex-regulated person
The JFSC has issued a public statement [13 October 2022] stating it has WITHDRAWN ALL Directions against Mr Russell Shelton Homer (Mr Homer)
The JFSC say:-
- On 21 September 2022, the JFSC agreed to exercise its statutory power TO WITHDRAW THE DIRECTIONS IN FULL.
- After having considered
- Mr Homer's submissions and
- Relevant information in the JFSC's possession,
Since 2009 Mr Homer has not been able to work [gainfully] in Jersey's financial services industry because the directions prohibited Mr Homer from:
- Acting as a principal person or being employed as a principal person or key person, as defined under the Financial Services (Jersey) Law 1998 (the "Law") and
- In relation to carrying on financial service business,
- Acting in any capacity with authorised signatory powers over any bank account or
- Being appointed to any office with the capacity to execute any legal documentation whatsoever; and
- Engaging in any other employment at all by any registered person, as defined in the Law,
- Without first having applied to and obtained the prior written approval of the Commission
- On 23 April 2009, following an investigation by the JFSC, Mr Homer was
- Issued with directions under Article 23(1) of the FS(J)L and directions under the equivalent provisions of the other regulatory laws.
- The directions restricted Mr Homer's employment in Jersey's financial services industry.[NOTED ABOVE]
- An associated public statement was issued on 20 July 2010.
Recently [no date given]
- Mr Homer applied to the JFSC to have the direction withdrawn [4+5]
- Mr Homer made an application to the JFSC in respect of the directions and the associated public statement, in support of which he submitted information and documentation for the JFSC's consideration.
- The Jersey Financial Services Commission (JFSC) issued a 2022 public statement [13 October 2022] under Article 25(a) of the FS(J)L concerning directions given to Mr Homer under Article 23 of the Financial Services (Jersey) Law 1998 (FS(J)L)
- The public statements stated
- Having considered Mr Homer's submissions and relevant information in the JFSC's possession, on 21 September 2022 the JFSC agreed to exercise its statutory power to withdraw the directions in full.
-  Banking Business (Jersey) Law 1991; Collective Investments Funds (Jersey) Law 1988; and Insurance Business (Jersey) Law 1996.
-  To include the equivalent in the other regulatory laws.
-  The JFSC states that if there are any enquiries, don't hesitate to contact the Enforcement team.
-  Pursuant to Article 23(6) of the FS(J)L and equivalent provisions in the other regulatory laws, any person to whom a direction is given may apply to the JFSC to have it withdrawn or varied.
-  Furthermore, the JFSC can vary or withdraw directions according to Article 23(4) of the FS(J)L and the equivalent provisions of the other regulatory laws.
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