Ogier on 29th October published an article saying that the powers of the Jersey Financial Services Commission to impose civil financial penalties for significant and material contraventions of the Codes of Practice were extended on 26th October to apply to “principal persons” of registered persons. 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”). The article details the changes and the penalties involved, and provides a link to an earlier briefing on the civil penalty regime.
https://www.ogier.com/publications/jersey-civil-penalties-regime-principal-persons
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