Mr Alan John Salsac (R) (2010-07-20)

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 Mr Alan John Salsac, former Managing Director of Salsac Management Limited. Following an investigation into his fitness and propriety, the Commission issued directions under Article 23 of the Law restricting his future involvement with regulated business in Jersey.

• Prohibition: Mr Salsac is prohibited from performing any function, engaging in any employment, or holding any position with any registered person unless he first applies for and obtains the Commission's prior written approval.
• Equivalent directions: Mr Salsac has also been issued equivalent directions 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in force until Mr Salsac satisfies the Commission that grounds for them no longer exist, at which point they may be withdrawn or varied.
• Offences: Breach of the directions by Mr Salsac is a criminal offence under Article 23(15) of the Law; any person who knowingly allows him to perform a function, take employment, or hold a position with a registered person in contravention of the directions also commits a criminal offence.

The statement is informational in nature, publicising an enforcement action against a named individual rather than imposing general rules on the industry, but it creates continuing legal obligations for both Mr Salsac and any registered person or third party who might otherwise engage him.

Key obligations

• Mr Salsac must obtain the Commission's prior written approval before performing any function, engaging in any employment, or holding any position with a registered person.
• Any person must not knowingly allow Mr Salsac to perform a function, engage in employment, or hold a position with a registered person in contravention of the directions.
• Persons with information indicating a breach of the directions are asked to contact the Commission.

Applies to

registered persons, Mr Alan John Salsac (individual subject to directions)