Withdrawing a 13-year regulatory [JFSC] ban is a huge decision.

As outlined below, the JFSC has withdrawn all Directions [restrictions to work] against Mr Russell Shelton Homer (Mr Homer).

The JFSC public statement is limited in facts, but this case must remind us of the importance of managing regulatory risk.

And what is clear after being banned for 13 years, withdrawing the direction[ban] is a huge decision for all parties.

For Mr Homer, the cost [personal/financial/reputational] of not being able to trade and having to do something else must have been huge.

It will be interesting if we will hear from Mr Homer.

Full details of the JFSC announcement are below

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The JFSC has issued a public statement [13 October 2022] stating it has WITHDRAWN ALL Directions against Mr Russell Shelton Homer (Mr Homer)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:-

1. On 21 September 2022, the JFSC agreed to exercise its statutory power[4] TO WITHDRAW THE DIRECTIONS IN FULL.
2. 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:

1. 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
2. In relation to carrying on financial service business,
   • Acting in any capacity with authorised signatory powers over any bank account or
3. Being appointed to any office with the capacity to execute any legal documentation whatsoever; and
4. 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
5. [www.jerseyfsc.org/news-and-events/mr-russell-shelton-homer/]

April 2009

1. On 23 April 2009, following an investigation by the JFSC, Mr Homer was
   • Issued with directions under Articl 23(1) of the FS(J)L and directions under the equivalent provisions of the other regulatory laws[1].
2. The directions restricted Mr Homer's employment in Jersey's financial services industry.[NOTED ABOVE]
3. An associated public statement was issued on 20 July 2010.

Recently [no date given]

1. Mr Homer applied to the JFSC to have the direction withdrawn [4+5]
2. 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.

2022 Action

1. 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)
2. 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.

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Footnotes

• 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.

Source

• https://www.jerseyfsc.org/news-and-events/withdrawal-of-directions-mr-russell-shelton-homer-mr-homer/