News

The JFSC and Jersey-GOV propose “Enhanced Enforcement Powers” and streamlined decision making powers

08/07/2021

THE JFSC have issued an update on consultations and an industry presentation – the three mattes are as follows

  1. PROPOSED CHANGES TO THE JFSC DECISION MAKING PROCESS FOR IMPOSING REGULATORY SANCTIONS
  2. CIVIL FINANCIAL PENALTIES LEGISLATION – GOVERNMENT CONSULTATION
  3. INDUSTRY EVENT HOSTED BY THE JFSC AND GOVERNMENT OF JERSEY - WEDNESDAY 21 JULY

Details on these are shown below:

PROPOSED CHANGES TO THE JFSC DECISION MAKING PROCESS FOR IMPOSING REGULATORY SANCTIONS
  1. The JFSC have recently reviewed the process it follow for deciding whether a regulatory sanction should be imposed at the conclusion of an enforcement case.
  2. The JFSC review concluded that the current process could be more efficient for both the JFSC and the businesses and individuals that find themselves subject to it.
  3. The JFSC are therefore proposing to make some changes to streamline how it reach these decisions for imposing regulatory sanctions, which can include a civil financial penalty (fine).
  4. The changes are designed to make the process quicker and less complex, as well as reduce costs for the JFSC, businesses and individuals.
  5. The main aim is to provide an internationally compliant and clearer approach to the decision making process that also complies with the principles of fairness.
  6. Importantly, it would still ensure that a business or individual is treated fairly and given an opportunity to put their side of the story in person to the JFSC’s decision-makers.

Share your views

  1. The JFSC would like your feedback on the proposals. As this change will impact any business or individual regulated by the JFSC, it is extending the usual consultation period from 28 days to two months to give you more time to share your views.
  2. You can send your responses directly with them or to Jersey Finance by Wednesday 1 September 2021.
  3. Read the full consultation for more information on what is proposing.

COSULTATION ON THE DECISION MAKING PROCESS - https://www.jerseyfsc.org/industry/consultations/dmp-consultation/

CIVIL FINANCIAL PENALTIES LEGISLATION – GOVERNMENT CONSULTATION
  1. Over the next two months, the Government of Jersey will also be consulting on proposals to update the legislation for civil financial penalties.
  2. These changes would see the existing regime extended so that the JFSC would have the powers to impose fines for breaches of the Money Laundering Order on:
  • On money laundering compliance officers/reporting officers and compliance officers
  • On senior management within regulated businesses
  • On designated non-financial businesses and professions (i.e. lawyers, estate agents, accountants)
  1. As both consultations are related, it is advising Industry to review them simultaneously.
Government’s consultation will also close on Wednesday 1 September.

You can read the full consultation on the civil financial penalties legislation on je =

INDUSTRY EVENT HOSTED BY THE JFSC AND GOVERNMENT OF JERSEY - Wednesday 21 July
  1. On Wednesday 21 July, members of Industry will have the opportunity to find out more about these two consultations by attending a joint event hosted by the JFSC and Government.
  2. Representatives from both agencies will provide an overview of the consultations and answer any questions from Industry.
  3. The aim of the session is to provide businesses and individuals with greater context around the proposals and the chance for open dialogue before submitting their official feedback.
  4. Register for this event. https://www.eventbrite.co.uk/e/proposed-changes-to-jfscs-enforcement-powers-and-process-tickets-162452857871
  5. Send them your questions in advance or ask on the day via do using the hashtag #GovJFSC

Read the JFSC UPDATE

JERSEY