Withdrawal of Directions, Mr Russell Shelton Homer (Mr Homer)

Financial Services (Jersey) Law 1998 (FS(J)L)

Action

1.1 The Jersey Financial Services Commission (JFSC) issues this public statement under Article 25(a) of the FS(J)L with respect to directions issued to Mr Homer under Article 23 of the FS(J)L.

1.2 On 23 April 2009, following an investigation by the JFSC, Mr Homer was issued with directions under Article 23(1) of the FS(J)L and directions under the equivalent provisions of the other regulatory laws[1].

1.3 The directions placed restrictions on Mr Homer’s employment in Jersey’s financial services industry.[2] An associated public statement was issued on 20 July 2010.

1.4 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provisions in the other regulatory laws, any person to whom a direction is given may apply to the JFSC to have it withdrawn or varied.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 has the power to vary or withdraw directions pursuant to Article 23(4) of the FS(J)L and the equivalent provisions of the other regulatory laws.

1.5 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.

1.6  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.

For further enquiries, please contact the Enforcement team.

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[1] Banking Business (Jersey) Law 1991; Collective Investments Funds (Jersey) Law 1988; and Insurance Business (Jersey) Law 1996.

[2] To include the equivalent in the other regulatory laws.