Mr Antonio Miguel Spinola (R) (2018-10-12)

Summary

This is a public statement issued by the Jersey Financial Services Commission (JFSC) disclosing regulatory directions imposed on an individual, Mr Antonio Miguel Spinola, following an investigation into his fitness and propriety. It is issued under Article 25(a) of the Financial Services (Jersey) Law 1998 (FS(J)L) to publicise directions given under Article 23 of that law.

• Scope of prohibition: Mr Spinola is prohibited from performing any function, engaging in any employment, or holding any position in the business of a registered person, and from performing any function or service falling within the definition of financial services business, without first obtaining prior written JFSC approval.
• Parallel directions: Equivalent directions have also been issued to him under each of the other Jersey regulatory laws and the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008.
• Duration: The directions remain in force indefinitely until Mr Spinola successfully applies to the JFSC under Article 23(6) FS(J)L for a variance or withdrawal.
• Offences: Mr Spinola commits an offence under Article 23(15) FS(J)L if he breaches the directions; any person who knowingly allows him to perform a function, engage in employment, or hold a position in contravention of the directions commits an offence under Article 23(15A) FS(J)L.

The statement is informational in nature, disclosing enforcement action already taken, but it creates ongoing obligations both for Mr Spinola and for any registered person or financial services business that might engage him.

Key obligations

• Mr Spinola must not perform any function, engage in any employment, or hold any position in the business of a registered person, or perform any financial services business function, without first obtaining prior written JFSC approval.
• Any person or registered business must not allow Mr Spinola to perform a function, engage in employment, or hold a position knowing that doing so would contravene the JFSC's directions.
• Mr Spinola must apply to the JFSC under Article 23(6) FS(J)L if he wishes to have the directions varied or withdrawn before resuming any prohibited activity.

Applies to

registered persons, financial services businesses, Mr Antonio Miguel Spinola (restricted individual)