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Financial Services Commission (Amendment No. 6) (Jersey) Law 201-

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Ministers are elected by the States Assembly and have legal responsibilities and powers as “corporation sole” under the States of Jersey Law 2005 by virtue of their office and in their areas of responsibility, including entering into agreements, and under any legislation conferring on them powers.

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A decision made 19 September 2014:

Decision Reference:  MD-C-2014-0157

Decision Summary Title :

Financial Services Commission (Amendment No. 6) (Jersey) Law 201-

 

Date of Decision Summary:

19 September 2014

Decision Summary Author:

 

Director,

Finance Industry Development, Financial Services Unit

Decision Summary:

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title :

Financial Services Commission (Amendment No. 6) (Jersey) Law 201-

 

Date of Written Report:

17 September 2014

Written Report Author:

Director,

Finance Industry Development, Financial Services Unit

Written Report :

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Subject:  

Financial Services Commission (Amendment No. 6) (Jersey) Law 201- (the “Draft Law”)

 

Decision(s):

The Chief Minister hereby approved the Draft Law and the attached report and directed that the documents be lodged au Greffe for debate by the States at the earliest opportunity.

 

© States of Jersey Page 1 of 2

http://edm-app-01/livelinkdav/nodes/65733319/DS  - Financial Services Commission (Amendment No. 6) (Jersey) Law 201-.doc


 

 

Decision Summary

Reason(s) for Decision:

The Draft Law proposed amendments to the Financial Services Commission (Jersey) Law 1998 to provide the Jersey Financial Services Commission (the “Commission”) with the power to impose civil financial penalties on regulated businesses for serious contraventions of the Codes of Practice issued by the Commission.

 

There are a number of reasons why the Commission should be given a statutory power to impose civil financial penalties for contraventions of the Codes of Practice. Specifically, such a power would:

 

  • act as a further deterrent to businesses contravening the Codes of Practice;
  • encourage prompt and consistent remediation of contraventions;
  • provide the Commission with more flexibility to deal with non-compliant behaviour through the use of an additional sanction that can be graduated to reflect the seriousness of the contravention and the particular circumstances of the business;
  • provide some mitigation against compliant regulated businesses subsidising, through annual licence fees, the cost of regulatory action taken against those who contravene the Codes of Practice; and,
  • bring the sanctions available to the Commission into line with similar regulators and meet the expectations of international standard-setters.

 

 

Resource Implications:

There are no financial or manpower costs for the States of Jersey arising as a result of the lodging of this legislation.

 

Action required:

The relevant documents be lodged au Greffe for debate by the States at the earliest opportunity.

 

Signature:

 

 

Senator I.J. Gorst

 

Position:

 

Chief Minister of Jersey

 

Date Signed:

 

Date of Decision (If different from Date Signed):

 

 

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