Miss Luisa Victoria Cabral Smith (R) (2011-09-07)

Summary

This is a public statement issued by the Jersey Financial Services Commission (JFSC) under Article 25(a) of the Financial Services (Jersey) Law 1998 concerning Miss Luisa Victoria Cabral Smith, a former Senior Administrator. Following a fitness and propriety investigation, the Commission issued directions under Article 23 of the Law preventing her from taking up employment with any registered person unless she first obtains the Commission's prior written approval.

• Scope of the directions: Miss Smith is barred from any employment with a registered person under the Financial Services (Jersey) Law 1998 without prior written Commission approval.
• Equivalent directions: Identical directions have been issued under the Collective Investment Funds (Jersey) Law 1988, the Insurance Business (Jersey) Law 1996, and the Banking Business (Jersey) Law 1991.
• Duration: The directions remain in force indefinitely until Miss Smith satisfies the Commission that the grounds justifying them no longer apply, at which point they may be varied or withdrawn.
• Offences: It is a criminal offence under Article 23(15) for Miss Smith to obtain employment with a registered person while the directions remain in effect, and it is also an offence for any person to knowingly allow her to perform a function or hold a position in contravention of the directions.

The Commission asks anyone with information suggesting these directions have been breached to contact it directly. This is an individual enforcement notice rather than a rule of general application, but it creates ongoing compliance obligations for registered persons who might consider employing Miss Smith.

Key obligations

• Registered persons must not employ, engage or place Miss Luisa Victoria Cabral Smith in any position without first obtaining the Commission's prior written approval.
• Miss Smith must not obtain employment with a registered person unless and until she successfully applies for a variation or withdrawal of the directions.
• Any person who knows Miss Smith is performing a function, employment or position with a registered person in contravention of the directions commits a criminal offence and must not permit this.
• Persons with information indicating a breach of the directions are asked to contact the Commission.

Applies to

registered persons under the Financial Services (Jersey) Law 1998, entities regulated under the Collective Investment Funds (Jersey) Law 1988, entities regulated under the Insurance Business (Jersey) Law 1996, entities regulated under the Banking Business (Jersey) Law 1991