POWERS OF THE COMMISSIONERS THAT ARE NOT DELEGATED
22 August 2016
Regulation
Power
Other Notes
ALTERNATIVE INVESTMENT FUNDS (JERSEY) REGULATIONS 2012
(Ref. 17.245)
8(2)(e)
To determine the amount of any application fee and any change to an existing
fee.
9(1)
To refuse to grant a certificate.
9(10)
To cancel a permit a)
If it appears to the Commission that any requirements of the
Commission in respect of the AIF, or the class of AIF of which
the AIF is a member, are no longer satisfied; or
b)
If it appears to the Commission that there has been a
contravention of any provision of the Regulations, an Order, or
condition of a certificate, or a relevant person has furnished false
information; or
c)
If any of the grounds on which an application for a certificate
might be refused; or
d)
If the certificate holder fails to pay any published fee.
9(13)
To determine the amount of any fee to be payable at such intervals and
upon occurrence of such events as the Commission may determine, and any
change to an existing fee.
12(3)
To apply to the Court to suspend or reduce the notice period for any of a
specified range of decisions.
17(2)
To serve a written notice of objection, directing that a person shall not
continue to be, or shall not become, a principal person or a key person of
the holder of a certificate.
17(3)
To serve a written notice of objection directing that a person shall not
continue to have such increased holding, or shall not increase, reduce, or
dispose of his holding, as the case may be.
24(1)
)
To issue a public statement concerning a person if that person appears to
have committed any of certain specified contraventions.
24(2)(b)
To issue a public statement with respect to the serving of a final notice
imposing a financial penalty.
26(3)
To reduce the period of written notice before the issue of a public statement
concerning a person that person appears to have committed any of certain
specified contraventions.
31(1), (2), (3)
To appoint an inspector to investigate the affairs of an AIF, of any service
provider to an AIF, or an AIF entity, or a person who the Commission
believes has committed an offence, if such appointment is advisable for the
protection of the public or participants or potential participants in an AIF.
34(1)(a)
Co-operation with relevant supervisory authority –
43(1)
Ref: P037-002
-
to refuse to grant, or to cancel, a certificate under Regulation 9;
-
to exercise powers of investigation under Regulation 31;
-
to exercise the powers under Regulation 44 to apply to the Court
for the appointment of a manager;
To apply to the Court for an order removing the service provider and
replacing him with a person nominated by the Commission, or for the
nominated person to wind up the AIF.
-1-
Limited delegation
has been agreed in
connection with a
settlement.
Delegation to two
Commissioners in
connection with
settlements.
POWERS OF THE COMMISSIONERS THAT ARE NOT DELEGATED
22 August 2016
Regulation
Power
Other Notes
43(4)
To apply to the Court for an order in respect of any person who has or is
thought likely to fail to comply with a provision of these Regulations or any
Order made thereunder, or a certificate granted or direction given.
43(5)
To apply to the Court for an order for distribution of profits made as a result
of any failure to comply with these Regulations or Order or certificate
granted or direction given.
43(7)
To apply to the Court for an order making a certificate holder’s business
subject to such supervision, restraint or conditions as the Court may specify.
44
To apply to the Court for a person to be appointed to manage the affairs of a
person granted a certificate or believed to be in breach of Regulation 7, in
so far as those affairs relate to an AIF.
Article
Power
Other Notes
BANKING BUSINESS (JERSEY) LAW 1991
(Ref. 13.075)
9(1)
Subject to the provisions of the Law, to register a new applicant.
9(1)
To determine the amount of any new fee and any change to an existing fee.
10(1)(3)
To refuse to grant an application for registration and to revoke a registration;
in either case, on one or more of the grounds provided in this Article of the
Law.
14(3A) &
(4)
15(1)
To give notice of objection to new or increased control of a registered person
on one or more of the grounds provided by this paragraph.
17(3), (5)
To apply to the Court for an order that specified shares be sold, or for further
orders relating to the sale or transfer of those shares.
18(3)
To apply to the Court to suspend the notice period for
To give written notice of objection to an existing shareholder on one of the
grounds provided by this Article
a)
cancellation of a registration;
b)
any change or additions to conditions attached to a permit ;
c)
d)
a requirement or change of requirement concerning the display of a
permit and conditions; or
an objection under Article 15.
19
To apply to the Court for an order making the business of a registered person
subject to supervision, restraint or conditions.
24(3)
To give a notice of objection to a person becoming a director, controller,
manager or key person.
28(1)
To appoint one or more competent persons to investigate and report to the
Commission on the nature, conduct or state of a registered person’s business
or any particular aspect of it; or the ownership or control of the registered
person, and to give written notice of such appointment to the registered
person.
35
To apply to the Court for an order for the repayment of deposits (or for the
Viscount to recover those deposits) accepted in contravention of Article 8.
36(1)
To apply to the Court for the recovery of profits accrued as a result of a
person having accepted an unauthorized deposit.
Ref: P037-002
-2-
Annual renewal of
registration is
delegated.
POWERS OF THE COMMISSIONERS THAT ARE NOT DELEGATED
22 August 2016
Article
Power
37A
To appoint on such terms as the Commission considers appropriate, a person
to manage the affairs, or any part of the affairs, of a person in so far as they
relate to the carrying on of deposit-taking business.
47(1)
Co-operation with relevant supervisory authority -
Other Notes
If a quorum cannot
be found, the power
may be exercised by
the remainder of
available
Commissioners.
to refuse or revoke a registration under paragraph (3) of Article 10;
to exercise powers under Article 19 to apply to the court for an order;
to give a direction under Article 21;
to exercise powers under Article 28 (Investigation on behalf of the
Commission);
48(1)
To issue a public statement concerning a person if that person appears to the
Commission to have committed any of certain specified contraventions.
48(2)(b)
To issue a public statement with respect to the serving of a final notice
imposing financial penalty.
48B(3)
To reduce the period of written notice before the issue of a public statement
concerning a person that appears to the Commission to have committed any
of certain specified contraventions.
48E
To determine the amount of any new fee and any change to an existing fee.
Schedule
Para. 6
To prepare a report to the Court recommending that the Court refuses to
sanction the transfer.
BANKING BUSINESS (GENERAL PROVISIONS) (JERSEY) ORDER 2002
(Ref. 13.075.50)
To refuse consent for any new activity on the Island by a registered person.
11(1)a
11(1)b
To require the removal of any director, controller or manager of a registered
person if he is not considered to be fit and proper to hold such office.
11(2)c
To refuse approval for the appointment of a branch auditor.
11(3)a
To refuse consent to the registered person establishing a representative
office, branch or subsidiary outside the Island.
11(3)b
To refuse consent to the registered person participating in a joint venture
outside the Island involving deposit taking, banking or investment business.
First
Schedule
Para.2(1)(c)
To refuse consent for a change of auditor of the Community Bank,
COLLECTIVE INVESTMENT FUNDS (JERSEY) LAW 1988
(Ref. 13.100)
6(1)(f)
To determine the amount of any new fee and any change to an existing fee.
7(1)
To refuse to grant any permit
7(7)
To cancel a permit a)
Ref: P037-002
if it appears to the Commission that any requirements of the
Commission in relation to the fund/class are no longer satisfied;
or
-3-
Limited delegation
has been agreed in
connection with a
settlement.
Delegation to two
Commissioners in
connection with a
settlement.
POWERS OF THE COMMISSIONERS THAT ARE NOT DELEGATED
22 August 2016
Article
Power
b)
if it appears to the Commission that the holder has contravened
any provision of the Law, Regulation, Order, or condition of a
permit, or has furnished false information; or
c)
if in the opinion of the Commission it is for the protection of the
public, participants in the fund or potential participants.
7(12)
To determine the amount of any new fee and any change to an existing fee.
8A(2)(e)
To determine the amount of any new fee and any change to an existing fee.
8B(1)
To refuse to grant a fund certificate
8B(10)
To cancel a certificate a)
if it appears to the Commission that any requirements of the
Commission in respect of the fund/class are no longer satisfied; or
b)
if it appears to the Commission that there has been a
contravention of any provision of the Law, Regulation, Order, or
condition of a certificate, or has furnished false information;
c)
if any of the grounds on which an application for a certificate
might be refused are no longer satisfied;
d)
if the certificate holder fails to pay any published fee..
8B(13)
To determine the amount of any new fee and any change to an existing fee.
8E(3)
To apply to the court to suspend the notice period for any of a specified
range of decisions.
12A(2)
12A(3)
12D(3) & (5)
To serve written notice of objection concerning a principal person.
17(1)
17(2)(b)
To issue a public statement concerning a person if that person appears to the
Commission to have committed any of certain specified contraventions.
17(B)(3)
To reduce the period of written notice before the issue of a public statement
concerning a person that appears to the Commission to have committed any
of certain specified contraventions.
22
To appoint one or more competent persons to investigate the affairs of the
holder, former holder of a permit, or a person who the Commission believes
has committed an offence, if such appointment is advisable for the protection
of the public or participants or potential participants in a fund;
25(1)
Co-operation with relevant supervisory authority –
To apply to the Court for the sale of specified shares of a shareholder
controller or for restrictions to apply.
to refuse to grant or to cancel a permit under Article 7;
to refuse to grant or cancel a certificate under Article 8B;
to give a direction under Article 13;
to exercise powers of investigation under Article 22;
to exercise the powers under Article 34 to apply to the Court for an order.
34(5)
To apply to the Court for an order removing the functionary and replacing him
with a person nominated by the Commission, or for the nominated person to
wind up the fund
34(8)
To apply to the Court for an order in relation to the failure or reasonable
likelihood of a failure to comply with a provision of legislation or a
direction.
34(9)
To apply to the Court for an Order for distribution of profits made as a result
of any failure to comply with the Law, a Regulation or Order or a permit or
direction given.
Ref: P037-002
Other Notes
-4-
Limited delegation
has been agreed in
connection with a
settlement.
POWERS OF THE COMMISSIONERS THAT ARE NOT DELEGATED
22 August 2016
Article
34A
Ref: P037-002
Power
To apply to the Court for a person to be appointed to manage the affairs of
person granted a permit or certificate or believed to be in breach of Article 5
or 8A, in so far as those affairs relate to a collective investment fund.
-5-
Other Notes
POWERS OF THE COMMISSIONERS THAT ARE NOT DELEGATED
22 August 2016
COLLECTIVE INVESTMENT FUNDS (RECOGNIZED FUNDS) (RULES) (JERSEY) ORDER
2003 (REF. 13.100.75)
2.05(12)
To prescribe additional categories of pools to which this paragraph shall
apply.
14.02
To refuse to grant a recognized fund certificate
14.03(1) a
To cancel or amend and re-issue a certificate if the requirements for grant of
a certificate are no longer satisfied other than because all permits have been
cancelled under delegated power (e.g the fund has been wound up).
14.03(1) b
To cancel or amend and re-issue a certificate if it is undesirable in the
interests of the participants or potential participants that the fund, or
constituent part of the fund, continues;
14.03(1) c
To cancel or amend and re-issue a certificate if any operator (manager,
trustee, etc) of the fund has contravened a requirement of the Law,
Regulations or Orders under it, permit condition, direction etc., or furnished
false information.
14.03.03
To refuse to cancel or amend and re-issue a certificate when requested by the
relevant operator, if there is a matter that needs to be investigated or if it would
not be in the interests of the participants.
COMPANIES (JERSEY) LAW 1991
(Ref. 13.125)
78
Apply to the court to disqualify a director
111(1)(b)
111(18)
111(2)
To determine the amount of any new fee and any change to an existing fee.
111(5)
To suspend or revoke the registration of a recognized auditor.
111(6)(a)
To determine the length of time that a recognized auditor’s registration will
be suspended.
111(6)(b)
To end, or refuse to end, the suspension of a recognized auditor’s
registration, on the application of the recognized auditor, where the original
suspension was imposed at the Commission’s own volition.
111(8)
To refuse a request by a recognized auditor to end the suspension of that
person’s registration, where the original suspension had been imposed at the
request of that person.
111(15)
To publicise (but not before any appeal has been determined or withdrawn)
the:-
To refuse to enter a person’s name on the Register of Recognized Auditors.
 suspension or revocation of a recognized auditor’s registration; or
 removal of a recognized auditor’s name from the Register of
Recognized Auditor (where the Commission is satisfied that the
auditor is no longer qualified to be a recognized auditor).
113D(6)
To refuse to authorise the appointment of an individual or a firm as the
auditor of a company (that is not a market traded company) if the auditor is
NOT qualified under Companies Law.
113D(10)
To suspend or revoke the authorisation of an individual or a firm granted
under Article 113D(6).
113D(11)(a)
To determine the length of time of a suspension.
113D(11)(b)
To end, or refuse a request to end, the suspension of an individual’s or a
firm’s authorisation where the original suspension was imposed at the
Commission’s own volition.
Ref: P037-002
-6-
POWERS OF THE COMMISSIONERS THAT ARE NOT DELEGATED
22 August 2016
113D(13)
To refuse a request to end the suspension of an individual’s or a firm’s
authorisation.
113D(19)
To publicise (but not before any appeal has been determined or withdrawn)
the suspension or revocation of an individual or a firm’s authorisation.
113M(4)
To publish fees that recognized auditors must pay.
113N(1)
To recommend to the Minister that an Order is made to delegate some, or all,
of the Commissions powers and duties under Articles 113K, 113L and
113M.
113O(3)
To apply to the Royal Court for an order to secure the enforcement by a
recognized professional of its rules or to secure the compliance of a
recognized professional body with any of its obligations under Part 16.
113O(5)
To apply to the Royal Court for an order enabling the Commission to
enforce disciplinary action it has decided to take against a recognized
auditor, or for an order making a recognized auditor subject to supervision,
restraint or conditions.
127N, 127U
Refuse an application for continuance
128
Appoint an inspector
136
To bring a civil action in the name of the company
142, 143
To apply to the court for an order relating to the company
155
Statutory functions relating to the procuring of the winding up of any
company.
196
Appointment of Registrar of Companies
N.B. Commission
may not delegate this
power.
Companies (Audit) (Jersey) Order 2010
R&O 31/2010
8
To publish fees that the Commission may charge a person to inspect or to be
given certified copies of entries on the Register of Recognized Auditors.
13(2)
To withdraw Commission approval of Rules (governing the conduct of the
audit of market traded companies) issued by a recognized professional body.
Companies (Uncertificated Securities)(Jersey) Order 1999
(Ref. 13.125.90)
4(4)
To refuse an application for approval.
5(1)
To recognize an operator, with or without conditions, where the computer
system is being operated under the laws of a country or territory other than
one that is a member of the OECD, or that has entered into a MoU, or
equivalent, with the Commission.
5(4)
To refuse an application to be recognized
9
Apply to the court for relief where an approved operator does not satisfy a
requirement or an approved or recognized operator fails to comply with an
obligation.
11
Apply to the court for suspension or revocation of approval in circumstances
other than –
12
a)
at the request of the operator (but no delegation for refusal of such
a request);
b)
if operation has not begun within 12 months;
c)
if operation has ceased for more than 6 months;
d)
if the operator is wound up or bankrupt.
Suspend or revoke RECOGNITION in circumstances other than a)
Ref: P037-002
at the request of the operator (but no delegation for refusal of such
a request);
-7-
In other cases, the
power to recognize
an operator is
delegated.
Under Article 10, the
Commission has
power to suspend or
revoke Approval in
the circumstances
listed (which it
delegates): in all
other circumstances
application must be
made to the court.
The Commission has
full discretion to
suspend or revoke
Recognition in a
POWERS OF THE COMMISSIONERS THAT ARE NOT DELEGATED
22 August 2016
b)
if operation has not begun within 12 months;
c)
if operation has ceased for more than 6 months;
a)
if the operator is wound up or bankrupt.;
range of
circumstances listed
in the Order, without
reference to a court.
FINANCIAL SERVICES (JERSEY) LAW 1998
(Ref. 13.225)
8(3)(c)
To determine the amount of any new fee and any change to an existing fee.
9(3)
To refuse to register a person on one or more of the grounds provided under
this Article of the Law.
9(4)
To revoke a registration under this Law (e) on any of the grounds for refusal to register (Article 9(3);
(f) on the grounds of a failure to comply with a notice of objection under
Article 13 (Objection to principal person or changes in holding);
Power to revoke on
other grounds is
delegated
(g) on the grounds of a failure to pay any fee prescribed
9(6)
To determine the amount of any new fee and any change to an existing fee.
11(4)
To apply to the Court to set aside or vary the notice period before any
revocation, new condition or variation of a condition takes effect.
13(1)
To serve a written notice of objection, directing that a person shall not
continue to be, or shall not become, a principal person.
13(2)
To serve a written notice of objection directing that a person shall not continue
to have such increased holding, or shall not increase, reduce, or dispose of his
holding, as the case may be of a registered person.
13(4)
To apply to the Court to set aside or vary the notice period before any objection
under paragraph (1) or (2) takes effect.
16(3), (5)
To apply to the Court to order the sale of any specified shares to which this
Article applies, or that the shares shall cease to be subject to any restrictions
previously imposed or for any further order relating to the sale or transfer of
the shares.
23(13A)
To apply to the Court to reduce the notice period of a direction that requires
a registered person to cease operations and wind up its affairs, based on a
failure to remedy ANLA non-compliance.
25(1)(b),(c)
To issue a public statement concerning a person if that person appears to the
Commission to have committed any of certain specified contraventions.
25(1)(ba)
To issue a public statement with respect to the serving of a final notice
imposing a financial penalty.
25(B)(3)
To reduce the period of written notice before the issue of a public statement
concerning a person that appears to the Commission to have committed any
of certain specified contraventions.
26(1)
To apply to the Court for an order making the business of a registered person
subject to supervision, restraint or conditions.
33(1)
To appoint one or more competent persons to investigate and report to the
Commission on the nature, conduct or state of a registered person’s financial
services business or any particular aspect of it; or the integrity, competence,
financial standing or organisation of the business or of any principal person;
or the compliance with this Law and any Regulation, Order or Code of
Practice etc. made.
36(1)
Co-operation with relevant supervisory authority –
to refuse or revoke a registration under paragraph (1) of Article 9;
Ref: P037-002
-8-
Limited delegation
has been agreed in
connection with a
settlement.
Delegation to two
Commissioners in
connection with a
settlement.
POWERS OF THE COMMISSIONERS THAT ARE NOT DELEGATED
22 August 2016
to give a direction under Article 16 or 23;
to apply for an order appointing supervisors, etc. under Article 26
(Powers of intervention);
to exercise powers of investigation under Article 33 (Investigations on
behalf of the Commission);
Financial Services (Appointment of a Manager) (Jersey) (Order 2000)
(Ref. 13.225.05)
2
To apply to the Court for a person to be appointed to manage the affairs of a
registered person in so far as those affairs relate to the carrying on of
financial service business.
Financial Services (Trust Company and Investment Business (Accounts, Audits and Reports))
(Jersey) Order 2007 (Ref. 13.225.92)
3(4)(5)
To refuse to approve an auditor for a registered person.
Financial Services (Fund Services Business (Accounts, Audits and Reports)) (Jersey) Order 2007
(Ref. 13.225.95)
4(4)
To refuse to approve an auditor for a registered person.
Financial Services (Trust Company Business (Exemptions No.2)) (Jersey) (Order 2000)
(Ref. 13.225.60)
Sched.
Para. 4
To refuse an application by a person seeking to be a recognized personal
adviser.
Financial Services (General Insurance Mediation Business (Accounts, Audits, Reports and
Solvency)) (Jersey) Order 2005. (Ref. 13.225.06)
4(4)
To refuse to approve an auditor for a person registered to carry on general
insurance mediation business.
16(3)
To apply to the Royal Court under Article 12 of the principal law for the
appointment of a manager in relation to a registered person that has failed to
submit a financial scheme under paragraph (2).
18(1)
To refuse approval for a financial scheme submitted under Article 18.
18(2)
To apply to the Royal Court under Article 12 of the principal law for the
appointment of a manager in relation to a registered person, where the
Commission has refused to approve scheme under paragraph 1.
19(2)
To apply to the Royal Court under Article 12 of the principal law for the
appointment of a manager in relation to a registered person that fails to
implement or comply with requirements of a financial scheme.
INSURANCE BUSINESS (JERSEY) LAW 1996
(Ref. 13.425)
6(1)(d)
6(2)
7(4)
7(6), (7)
To determine the amount of any new application fee and any change to an
existing application fee.
To refuse an application for a Category A or Category B permit, on any of the
grounds provided in the Law
To attach a condition which prohibits the holder of the permit from effecting
–
any (new) contract of insurance; or
any (new) contract of insurance of a specified class.
7(4), (9)
Ref: P037-002
To cancel a permit –
on any of the grounds for refusal of a permit under Article 7(4); or
-9-
Power to cancel a
permit on other
grounds is delegated
POWERS OF THE COMMISSIONERS THAT ARE NOT DELEGATED
22 August 2016
where the Commission has attached a permit condition that prohibits or
restricts the holder from effecting contracts of insurance under Article
7(9)(d).
8A(3)
To apply to the Court to suspend the notice period for –
a)
a requirement or change of requirement concerning the display of
a permit and conditions;
b)
any change or additions to conditions attached to a permit;
c)
cancellation of a permit; or
d)
an objection to a Principal Person or Key Person or to becoming a
shareholder controller or changes in holding.
9A
To apply to the Court for a person to be appointed to manage the affairs of
insurance business in so far as those affairs relate to that business.
11
To appoint one or more competent persons to investigate and report to the
Commission on the nature, conduct or state of a permit holder’s (or former
permit holder) insurance business or any particular aspect of it; or the integrity,
competence, financial standing or organisation of the permit holder (or former
permit holder).
17(2)
To waive the requirements of this Article, either for a class of permit holders
or for a particular permit holder, for an auditor to be appointed
23(6)
To serve notice that a person who has become, or is about to become, a
director, etc. shall not take up that appointment, where there are reasonable
grounds for believing that the person is not fit and proper.
23(7)
In the case of a failure for notice to be given by a permit holder of a change
of director, etc., to give the person and the permit holder written notice of
objection and direction that the person shall not be a director, etc.
24(8)
To apply to the Court for a winding-up order if a permit holder fails to
submit an acceptable scheme, or to maintain the solvency margin or to notify
the Commission that the margin has not been maintained.
33(1)
Co-operation with relevant supervisory authority –
NB Commission may
not delegate this
power.
to refuse a permit under paragraph (1) of Article 7 or cancel a permit
under paragraph (9);
to exercise powers of investigation under Article 11;
to give a direction under Article 36;
to exercise the powers under Article 36B to apply to court for an order.
43(1),
By notice in writing to issue a public statement concerning a person if that
person appears to the Commission to have committed any of certain specified
contraventions.
43(2)(b)
By notice in writing to issue a public statement with respect to the serving of
a final notice imposing a financial penalty.
43B(3)
To reduce the period of written notice before the issue of a public statement
concerning a person that appears to the Commission to have committed any
of certain specified contraventions.
43D
To determine the amount of any new fee and any change to an existing fee.
Sched 2
Para. 6(b)
To prepare a report for the Court with a recommendation that the Court refuses
to sanction the transfer of insurance business.
Ref: P037-002
- 10 -
Limited delegation
has been agreed in
connection with a
settlement.
Delegation to two
Commissioners in
connection with a
settlement.
POWERS OF THE COMMISSIONERS THAT ARE NOT DELEGATED
22 August 2016
INSURANCE BUSINESS (GENERAL PROVISIONS) (JERSEY) ORDER 1996
(Ref. 13.425.30)
Sched.
Para. 1
To refuse agreement for a change of ownership of the permit holder.
Sched.
Para. 2
To refuse approval for any appointment of any director of the permit holder
Sched.
Para. 3
To refuse approval of an auditor to be appointed by a permit holder
LIMITED LIABILITY PARTNERSHIPS (JERSEY) LAW 1997 (13.475)
(As modified by LIMITED LIABILITY PARTNERSHIPS (INSOLVENT PARTNERSHIPS) (JERSEY)
REGULATIONS 1998 (Ref. 13.500))
31M (2)
To appoint an inspector to carry out an investigation in relation to any matter
referred by the Attorney General, as a result of a report made by the insolvency
manager.
BANKRUPTCY (DESASTRE) (JERSEY) LAW 1990
(Ref. 04.160)
3(1)(c)
To apply for a declaration of en désastre in respect of a regulated entity
under any of the four regulatory laws.
N.B. Commission
may not delegate the
power.
FINANCIAL SERVICES COMMISSION (JERSEY) LAW 1998
(Ref 13.250)
15(3)
To publish a report regarding proposed new or amended fees.
To agree an extension to the date by which comments must be received in
relation to the report.
15(4)
To request the Bailiff to appoint 3 jurats to determine whether or not the
proposed fee is unreasonable.
15(5)
To publish the new or amended fee as agreed or determined.
21B(4)
To publish a statement setting out the principles the Commission will apply in
determining the imposition and amount of a financial penalty and the
processes it will follow when exercising the power to impose a financial
penalty.
21B(6)
To consult on a revised statement to be issued under Article 21B(4).
21C(1)
To issue a notice of intent informing the registered person that the
Commission proposes to require the registered person to pay a financial
penalty.
21C(3)
To issue a final notice requiring the registered person to pay a financial
penalty.
21D(2)(b)
To make an application to the Royal Court for an extension of time for issuing
a notice of intent.
21G(3)
To take a decision to pay the proceeds of a financial penalty(ies), or a
proportion thereof, to the States (in circumstances where the application of the
proceeds of the financial penalty(ies) would reduce substantially the level of
fees that the Commission would otherwise charge registered persons).
Delegation to two
Commissioners in
connection with a
settlement.
Delegation to two
Commissioners in
connection with a
settlement.
COMMUNITY PROVISIONS (WIRE TRANSFERS) (JERSEY) REGULATIONS 2007
Ref 17.245.57
14B(3)
Ref: P037-002
To appoint one or more competent persons to investigate and report to the
Commission as to whether a payment service provider has complied with
these Regulations.
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POWERS OF THE COMMISSIONERS THAT ARE NOT DELEGATED
22 August 2016
14B(6)
Ref: P037-002
To co-operate with a relevant supervisory authority by exercising powers of
investigation under Article 33 of the Financial Services (Jersey) Law, (as
modified by Regulation 14B(7)
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POWERS OF THE COMMISSIONERS THAT ARE NOT DELEGATED
22 August 2016
PROCEEDS OF CRIME (SUPERVISORY BODIES) (JERSEY) LAW 2008
(Ref. L32-2008)
6
Recommend to the Minister that an Order be made designating one or more
supervisory bodies.
12(6)
To notify the Minister when no agreement under Article 12(4) can be reached
as to which supervisory body shall be the relevant supervisory body.
14(3)
To refuse to register a Level 1 applicant on the ground that the applicant, a
principal person or key person is not a fit and proper person.
17(1)
Recommend to the Minister the prescription of conditions which shall apply
to registered persons and to the carrying on of specified Schedule 2 business
by registered persons.
To revoke a registration granted under Article 14 or 15
18(1)
(a) in the case of a Level 1 registration, on one or more of the grounds set
out in Article 14(3) [lack of fitness and propriety];
(b) in the case of a Level 1 or 2 registration if it comes to the attention of
the Commission that an application was not been made in accordance
with Article 13(1) or Article 15(1) or that the applicant failed to comply
with Article 13(5) or Article 15(2);
(c) if the registered person has contravened a Code of Practice;
(d) if the registered person has failed to pay a financial penalty imposed on
it;
(e) if the registered person has failed to pay any fee.
19(3)
To apply to the Court to set aside or vary the notice period before any
revocation, new condition or amendment, variation, substitution, or revocation
of a condition takes effect.
21(3)
To set fee levels.
21(6)
To publish a report regarding proposed new or amended fees.
21(7)
To request the Bailiff to appoint 3 Jurats to determine whether or not a
proposed fee is reasonable [where agreement with Industry on the fee level
cannot be reached].
21(8)
To publish the new or amended fee as agreed or determined.
23(6)
To refuse an application for a direction to be varied or withdrawn, or to grant
such an application in part, if the original issued by the Commissioners
23(13A)
To apply to the court to reduce the notice period of a “banning direction” or a
direction requiring a registered person to cease operations and wind up its
affairs.
25(1)(3)
To apply to the Court for an order making the business of a supervised person
subject to supervision, restraint or conditions.
26(1)(b)
By notice in writing to issue a public statement concerning a person if that
person appears to the Commission to have committed any of certain
specified contraventions;
26(ba)
By notice in writing to issue a public statement with respect to the serving of
a final notice imposing a financial penalty.
28(3)
To reduce below one month the period of written notice before the public
statement is issued, when the decision to issue is taken by Board of
Commissioners.
31(1)
To appoint one or more competent persons to investigate and report to the
Commission the compliance by a person with certain specified statutory or
regulatory requirements or on any other matter that might impact on whether
a person was fit and proper.
Ref: P037-002
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Limited delegation
has been agreed in
connection with a
settlement.
Delegation to two
Commissioners in
connection with a
settlement.
POWERS OF THE COMMISSIONERS THAT ARE NOT DELEGATED
22 August 2016
37(2)
Recommend to the Minister that an Order is made that prescribes matters that
an auditor shall report to the Commission.
39(1)
Co-operation with relevant supervisory authority –
to refuse or revoke a registration under Articles 14, 15 or 18;
to give a direction under Article 23;
to apply for an order appointing supervisors, etc. under Article 25;
to exercise powers of investigation under Article 31;
FOUNDATIONS (CONTINUANCE) (JERSEY) REGULATIONS 2009
R&O 69/2009
6(2)(b)
16(2)(b)
26(2)(a)
9(1), (2)
19(1), (2)
29
To agree some other method of payment of the published application fee.
To refuse to accept the application for a body corporate or a recognized entity
to be incorporated as a foundation.
FOUNDATIONS (WINDING UP) (JERSEY) REGULATIONS 2009
R&O 121/2009
34
To make and application to the Royal Court for a foundation to be wound up
on just and equitable grounds or in the public interest.
FOUNDATIONS (MERGERS) (JERSEY) REGULATIONS 2009
R&O 122/2009
7(3)(a)
17(3)(a)
29(3)(a)
20(1)
31(1)
To agree some other method of payment of the published application fee.
To refuse to accept the application to implement a merger agreement –
(a) in order to protect the reputation and integrity of Jersey in financial and
commercial matters;
(b) in the best economic interests of Jersey;
(c) to protect the international standing of Jersey.
(a) because the Commission is not satisfied that the proposed objects of the
foundation are lawful; or
20(2)
(b) because the Registrar advises that the proposed name is not acceptable.
NON-PROFIT ORGANIZATIONS (JERSEY) LAW 2008
L30-2008
8(1)(a)
By notice in writing with reasons, refuse an application to register an NPO or a
proposed NPO if the Commission is of the opinion that the NPO or proposed
NPO is assisting or being used to assist terrorism or is likely to assist or be
used to assist terrorism, as the case may be.
8(5)
At the request of the applicant, reconsider a decision to refuse to register an
application that was made on the grounds (a) that it was suspected that the applicant was being used or may be used to
assist terrorism - 8(1)(a)
Ref: P037-002
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POWERS OF THE COMMISSIONERS THAT ARE NOT DELEGATED
22 August 2016
CONTROL OF BORROWING (JERSEY) ORDER 1958
24.150.50
12A
To determine the amount of any new fee or charge and any change to an
existing fee or charge.
Ref: P037-002
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