Jersey KEY PERSONs or SENIOR MANAGEMENT functions added to fining schedule that has a maximum £400,000.00 penalty
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
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”.
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