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ARTICLE · 29 JUNE 2022

Civil Financial Penalties Regime: The Scope Of "Senior Management Function"

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The Financial Services Commission (Amendment No. 8) (Jersey) Law 2022 (FSC Amendment Law), which came into force on 29 April 2022, amended the Financial Services Commission...

JerseyFinance and Banking
Andrew Weaver
Andrew Weaver
Gemma Whale
Gemma Whale
Sarah McDonald
Sarah McDonald
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The Financial Services Commission (Amendment No. 8) (Jersey) Law 2022 (FSC Amendment Law), which came into force on 29 April 2022, amended the Financial Services Commission (Jersey) Law 1998 to widen the scope of the civil financial penalties regime. The changes provide for key persons and persons who perform or performed a senior management function to be liable to civil penalties for significant and material contraventions of Codes of Practice issued by the Jersey Financial Services Commission (JFSC), in addition to the Money Laundering (Jersey) Order 2008 (MLO).

Following the change in legislation, the JFSC launched a consultation in May of this year, seeking feedback on their proposed notice that will define "senior management functions". This will determine exactly who is in scope of the new regime and will have the potential to bring previously out of scope employees who perform a "senior management function" within range of civil financial penalties in

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