Financial regulation in Jersey is heavily enforcement led which means that regulated entities need to be ready to deal with enforcement action, and with financial penalties also having been introduced enforcement is likely to become more prominent in 2016. In addition, MoneyVal continues to have a significant effect with its feedback triggering some further changes to AML legislation and regulation along with its continued recommendation and desire to see more prosecutions in Jersey.
With this in mind, Regulatory enforcement seems to be the key issue for 2016, this follows the introduction of civil penalties legislation in June 2015 and a significant number of public statements being issued by the Jersey Financial Services Commission [JFSC], as well as challenges to the issue of public statements proceeding through the Royal Court and the prosecution of a MLRO and the firm for which she worked.
The first line of defence against the JFSC is the way in which regulated entities respond to enforcement action and the workshop will provide useful guidance to help businesses make informed decisions about early and effective steps they can take which will have a profound effect on the eventual outcome of enforcement investigations.
Against the above and on the 16th March 2016 @ the Pomme D’or Hotel, Olaf Blakeley, will provide examples of the JFSC’s ‘tricks of the trade’ and examine how to respond to enforcement measures including complying, challenging and resisting.
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