Jersey Financial Services Commission can now impose civil financial penalties for significant and material contraventions of the Codes of Practice and the AML/CFT Handbook. The level of fines has been set and the JFSC has published a statement on the principles and processes it will adopt under the civil penalties regime. Who is affected? All […]

Robust sanctions compliance is of central importance to financial services businesses in Jersey, a point made all the more important by the impact of recent EU/US sanctions. Both the EU and US sanctions purport to stifle certain technology/defence and oil exploration activities benefiting Russia. The EU sanctions pursuant to Regulation (EU) No 833/2014 as amended […]

As at June 2015 The Jersey Financial Services Commission now has had the power to impose civil financial penalties for significant and material contraventions of the Codes of Practice and the AML/CFT Handbook. The level of fines has been set and the JFSC has published a statement on the principles and processes it will adopt […]

“Blakeley Legal has announced today (Friday 22 January) that it has successfully won a court hearing on behalf of a corporate client against the Jersey Financial Services Commission. The Deputy Bailiff, who presided over the Royal Court hearing, agreed the court should issue a Declaration concerning the meaning and effect of a Direction which had […]

A MAN who claims he was made the scapegoat for a botched three-million-euro transaction carried out by an Island trust company appeared before the Jersey Employment and Discrimination Tribunal yesterday. Benedict Hampton was dismissed as a senior manager at STM Fiduciaire for gross mis-conduct after a trust was terminated in 2012 and its assets were […]

On 15 December 2015, the Jersey Financial Services Commission (Commission) published Consultation Paper No.12 2015 which proposes amendments to the Codes of Practice (Codes) with the following three key changes proposed: Notification requirements are to be made clear and unambiguous: The Codes will be amended to explicitly state that all required notifications must be provided […]

The Securities and Exchange Commission today announced fraud charges against several alleged perpetrators behind a $78 million pump-and-dump scheme involving the stock of Jammin’ Java, a company that operates as Marley Coffee and uses trademarks of late reggae artist Bob Marley to sell coffee products. The SEC alleges that Jammin Java’s former CEO Shane Whittle […]

The Funds Supervision Team has introduced a fund services business (“FSB”) Annual Compliance Return which requests information on the registered person’s business on an annual basis, bringing it into line with other sectors. The information contained in the form will be used to assist the JFSC supervision of FSBs. The form should be completed by […]