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ARTICLE · 30 JANUARY 2023

Determination Of The "Senior Management Function"

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Last year we commented on the broadening scope of Jersey's civil financial penalties regime and the consultation launched by the Jersey Financial Services...

JerseyFinance and Banking
Andrew Weaver
Andrew Weaver
Sarah McDonald
Sarah McDonald
Gemma Palmer
Gemma Palmer
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Last year we  commented on the broadening scope of Jersey's civil financial penalties regime and the consultation launched by the Jersey Financial Services Commission (JFSC) on their proposed notice to define “senior management functions” in order to determine who is within scope of the new regime.

Following conclusion of the consultation, the notice designating senior management functions was published on 12 January 2023 (the Notice). The Notice determines which senior managers in a registered person (as defined in the Financial Services Commission (Jersey) Law 1998 (the Commission Law) will fall within the scope of the civil financial penalties regime should they be culpable in a registered person's significant and material contravention of the Money Laundering (Jersey) Order 2008 (MLO) or a JFSC Code of Practice.

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