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Civil financial penalties - Principal Persons - 26 October 2018

On 26 October 2018 the Financial Services Commission (Amendment No.7) (Jersey) Law 2018 came into force.

This amending law extends the JFSC’s civil financial penalties regime to principal persons where a significant and material contravention of a Code of Practice by a registered person* was:

In the most serious cases a penalty of up to £400,000 may be imposed on a principal person.

The extension of the civil financial penalties regime is not retrospective. A financial penalty on a principal person may only be imposed if the relevant Code of Practice contravention by the associated registered person occurred on, or after, 26 October 2018 - or it is a contravention that occurred before 26 October 2018 but continued after that date.

 

*   “registered person” has the meaning set out in Article 1 of the Financial Services Commission (Jersey) Law 1998, namely:

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