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ARTICLE · 01 NOVEMBER 2018

Jersey Civil Penalties Regime – Principal Persons

Ogier
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The powers of the Jersey Financial Services Commission (JFSC) to impose civil financial penalties for significant and material contraventions of the Codes of Practice were extended on 26 October 2018 to apply to "principal persons" of registered persons.

JerseyFinance and Banking
Matthew Shaxson
Matthew Shaxson
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The powers of the Jersey Financial Services Commission (JFSC) to impose civil financial penalties for significant and material contraventions of the Codes of Practice were extended on 26 October 2018 to apply to "principal persons" of registered persons.

Please see Ogier's accompanying briefing on the civil penalties regime for registered persons that came into force in 2015.

Who is affected?

The widened civil penalty regime now applies to any "principal person" of any entity (in addition to the entity itself) which is registered or has been issued a certificate or permit under the following laws and is therefore required to comply with the corresponding Codes of Practice relevant to their activities (a "registered person"):

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