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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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