consultation paper - the Jersey Financial Services Commission

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CONSULTATION PAPER NO. 1 2015

CIVIL PENALTIES: DRAFT TARIFF A consultation on draft secondary legislation that would set the civil financial penalties tariff for contraventions of Codes of Practice

ISSUED JANUARY 2015

Consultation Paper

CONSULTATION PAPER Please note that terms in italics are defined in the Glossary of Terms. The Commission invites comments on this consultation paper. William Byrne at Jersey Finance is co-ordinating an industry response that will incorporate any matters raised by local businesses. Comments should reach Jersey Finance by Monday 16 February 2015. Responses should be sent to: William Byrne Head of Technical Jersey Finance Limited 4th Floor, Sir Walter Raleigh House 48-50 Esplanade St Helier Jersey JE2 3QB

Telephone: +44 (0) 1534 836021 Facsimile: +44 (0) 1534 836001 Email: [email protected]

Alternatively, responses may be sent directly to Barry Faudemer or Stephen de Gruchy at the Commission by Monday 16 February 2015. If you require any assistance, clarification or wish to discuss any aspect of the proposal prior to formulating a response, it is of course appropriate to contact the Commission. The Commission contacts are: Barry Faudemer Director, Enforcement Jersey Financial Services Commission PO Box 267 14-18 Castle Street St Helier Jersey JE4 8TP Stephen de Gruchy Senior Manager, Policy & Strategy Jersey Financial Services Commission PO Box 267 14-18 Castle Street St Helier Jersey JE4 8TP

Telephone: +44 (0) 1534 822137 Email: [email protected]

Telephone: +44 (0) 1534 822110 Email: [email protected]

It is the policy of the Commission to make the content of all responses available for public inspection unless specifically requested otherwise.

CIVIL PENALTIES: DRAFT TARIFF

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Glossary of Terms

GLOSSARY OF TERMS AIF

means an alternative investment fund as defined in the AIF Regulations.

AIF Regulations

means the Alternative Investment Funds (Jersey) Regulations 2012.

Amendment Law

means the Financial Services Commission (Amendment No. 6) (Jersey) Law 201- adopted by the States of Jersey on 9 December 2014 and currently awaiting Privy Council approval.

ANLA

means adjusted net liquid assets.

BBJL

means the Banking Business (Jersey) Law 1991.

CIFJL

means the Collective Investment Funds (Jersey) Law 1988.

Code of Practice (or Code)

means the Codes of Practice for: • • • • • • • • •

deposit-taking business; fund services business; general insurance mediation business; insurance business; investment business; money service business; trust company business; alternative investment funds and AIF services business; and the Handbook for the prevention and detection of money laundering and the financing of terrorism for financial services business regulated under the regulatory laws.

Commission

means the Jersey Financial Services Commission.

Commission Law

means the Financial Services Commission (Jersey) Law 1998.

FSJL

means the Financial Services (Jersey) Law 1998.

IBJL

means the Insurance Business (Jersey) Law 1996.

Jersey Finance

means Jersey Finance Limited.

registered person

means • • • •

regulatory laws

means – • • • • •

1

a person registered under the BBJL; a person registered under the FSJL 1; a Category B permit holder under the IBJL; a service provider within the meaning of the AIF Regulations. the AIF Regulations; the BBJL; the FSJL; the IBJL; and the SBJL.

Other than a person registered to conduct Class R or Class S general insurance mediation business.

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ISSUED JANU