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 29 April 2022 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. 8

Table of Renumbered Provisions. 8

Table of Endnote References. 8

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 Financial Services Commission (Jersey) Law 1998 applies;

“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]

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.

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

* Regulation 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