Financial Services Commission (Financial Penalties) (Amendment) (Jersey) Order 2018

Made                                                                            26th July 2018

Coming into force                                                      2nd August 2018

THE CHIEF MINISTER, in pursuance of Articles 21B and 22 of the Financial Services Commission (Jersey) Law 1998[1] and after having consulted the Jersey Financial Services Commission, orders as follows –

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

In the Schedule to the Financial Services Commission (Financial Penalties) (Jersey) Order 2015[2], in the table –

(a)     in the entries for band 1 in the second column, for the words “either band 2 or band 3” there shall be substituted the words “band 2, band 2A or band 3”;

(b)     in the entries for band 2 in the second column, for the words “band 3” there shall be substituted the words “either band 2A or band 3”;

(c)     after band 2 and entries for that band there shall be inserted the following band and entries –

 

“2A

A contravention committed negligently that satisfied one or more of the following, namely that it –

(a)     caused or risked causing financial loss to the public;

(b)     damaged or risked damaging the reputation and integrity of Jersey in commercial and financial matters;

(c)     damaged or risked damaging the economic interests of Jersey;

(d)     jeopardized or risked jeopardizing the need to counter financial crime both in Jersey and elsewhere;

(e)     took place for commercial reasons.

7% of relevant income up to a maximum of £4,000,000.”.

2        Citation and commencement

This Order may be cited as the Financial Services Commission (Financial Penalties) (Amendment) (Jersey) Order 2018 and shall come into force 7 days after it is made.

senator j.a.n. le fondré

Chief Minister

 


 



[1]                                    chapter 13.250

[2]                                    chapter 13.250.30


Page Last Updated: 31 Jul 2018