The Jersey Financial Services Commission (the “Commission”) has issued a feedback paper setting out the Commission’s response to comments received on its 2012 consultation paper which contained proposals for a miscellany of amendments to the regulatory legislation that it administers.
The need for the legislative amendments has arisen as a result of the use, and continuous review, of the regulatory laws by the Commission. The limited number of respondents to the consultation were generally supportive of the proposed amendments and no substantive changes to the form of the draft legislation consulted upon have been considered necessary as a result of the comments received.
The proposed amendments would:
- enhance the Commission’s powers to investigate matters of concern by ensuring that it can obtain information relevant to an investigation from any employee or former employee of a regulated business or from persons contracted to provide services to a regulated business;
- enable the Commission to use its power of direction in support of other regulators (for example, to limit what functions a person can perform in a regulated business);
- extend the power of the Royal Court to make restitution orders where investors have lost money as a result of relying on misleading statements made by a person (such as an investment advisor) who is different to the person with whom the investor actually makes the investment (normally the product provider);
- update the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008, following its initial period on the statute book, to bring it into line with the other regulatory laws;
- achieve, or maintain, consistency across the regulatory laws;
- make clearer existing provisions in the laws; and
- make minor drafting corrections.
Each of the amendments has the potential to affect any regulated business or individual associated with a regulated business. However, in most cases, the effect will only arise in exceptional circumstances, such as when enforcement action by the Commission is necessary. A legal opinion has confirmed that the amendments to be made are compatible with the European Convention on Human Rights.
The proposed amendments to the regulatory laws are contained in the draft Financial Regulation (Miscellaneous Provisions No. 2) (Jersey) Law 201- (the “Omnibus Law”) and the draft Financial Regulation (Miscellaneous Provisions) (Jersey) Order 201- (the “Omnibus Order”).
The Commission will be making a recommendation to the Chief Minister that he makes the Omnibus Order and lodges the Omnibus Law for debate in the States Assembly.
The feedback paper can be viewed on the Commission’s website by clicking here.
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