Mr James Nicholls - updated (R) (2015-09-17)

Summary

This is a public statement issued by the Jersey Financial Services Commission updating an earlier enforcement action against Mr James Nicholls, a former employee of Horizon Trustees (Jersey) Limited (in liquidation). On 17 September 2015 the Commission varied directions originally issued against Mr Nicholls in January 2015 under Article 23 of the Financial Services (Jersey) Law 1998, withdrawing some parts of those directions with immediate effect while leaving the core prohibition in place.

• Ongoing prohibition: Mr Nicholls remains prohibited from holding any key person or principal person position in the business of any registered person.
• Duration: The remaining directions stay in force until Mr Nicholls successfully applies to the Commission under Article 23(6) of the FS(J)L for a further variation or withdrawal.
• Offence for Mr Nicholls: Failure by Mr Nicholls to comply with the directions is an offence under Article 23(15) of the FS(J)L.
• Offence for third parties: Any person who knowingly allows Mr Nicholls to hold a key person or principal person position in contravention of the directions commits an offence under Article 23(15A) of the FS(J)L.

This is an individual enforcement notice rather than a general rule change; it is primarily relevant to registered persons who might otherwise consider engaging Mr Nicholls, and to compliance staff screening key person or principal person appointments.

Key obligations

• Registered persons must not allow Mr Nicholls to hold any key person or principal person position while the directions remain in force.
• Any person who knowingly permits Mr Nicholls to hold such a position in breach of the directions commits an offence under Article 23(15A) of the FS(J)L.
• Mr Nicholls must comply with the remaining directions or commit an offence under Article 23(15) of the FS(J)L; any change requires a successful application under Article 23(6).

Applies to

registered persons, banking business licensees, collective investment funds, insurance business licensees

Deadlines

• 17 September 2015: Variation of the original directions took effect immediately, withdrawing certain parts while other provisions remain in force.