Financial Services Commission (Financial Penalties) (Jersey) Order 2015

Official Consolidated Version

This is an official version of consolidated legislation compiled and issued under the authority of the Legislation (Jersey) Law 2021.

Showing the law from 1 September 2026 to Current

Financial Services Commission (Financial Penalties) (Jersey) Order 2015

Article

1             Interpretation. 3

2                              3

3             Level of penalties. 3

4             Citation. 4

maximum level of penalties  5

Table of Legislation History. 9

Table of Renumbered Provisions. 9

Table of Endnote References. 9

Financial Services Commission (Financial Penalties) (Jersey) Order 2015

1        Interpretation

(1)     In this Order –

“affiliation”, in respect of trust company business, means a group of persons carrying on or intending to carry on that business who have agreed that one member of the group will be the affiliation leader;

“average annual turnover”, in respect of a registered person, means the average of the annual turnover derived from all the business activities of the registered person carried on, in or from within, Jersey for the 5 financial years, or for the period during which it has carried on business activities as a registered person, whichever is shorter, prior to the issuance of a final notice by the Commission under Article 21C of the Law;

“contravention” means a contravention of a Code of Practice or an enactment to which Article 21A of the Law applies;

“Law” means the Financial Services Commission (Jersey) Law 1998;

“turnover”, in the case of trust company business in respect of which there is an affiliation, includes the turnover from all members of the affiliation.[1]

(2)     Unless the context otherwise requires, words and phrases used in this Order that are not defined in or for the purposes of this Order have the same meaning as in the Financial Services (Jersey) Law 1998.

2        [2]

3        Level of penalties[3]

(1)     The Commission may, for a contravention of a type described in the second column of the table in the Schedule, impose a penalty –

(a)     on a registered person up to the maximum level set out in the third column of the table;

(b)     on a principal person up to the maximum level set out in the fourth column of the table;

(c)     on a key person or a person who performs or performed a senior management function up to the maximum level set out in the fifth column of the table.

(2)     If the Commission imposes a penalty on a person who is both a key person and a principal person, the amount of the penalty may be up to the maximum level applicable to a principal person.

4        Citation

This Order may be cited as the Financial Services Commission (Financial Penalties) (Jersey) Order 2015.

Schedule[4]

(Article 3)

maximum level of penalties

Endnotes

Table of Legislation History

* Article 6 makes the following savings and transitional provision:

“Where, before the coming into force of this Order, a notice of intent was issued and served under Article 21C of the Financial Services Commission (Jersey) Law 1998, any amount of the penalty required to be paid in a final notice issued under that Article is calculated on the basis of that Law and the Financial Services Commission (Financial Penalties) (Jersey) Order 2015 as they were in force at the time of the issuance of the notice of intent.”

Table of Renumbered Provisions

Table of Endnote References