Mr Michael Keith Sun (R) (2010-03-01)

Summary

This is a public statement issued by the Jersey Financial Services Commission under Article 25(a) of the Financial Services (Jersey) Law 1998 concerning Mr Michael Keith Sun, former Managing Director of Centurion Management Services Limited. Following an investigation into his fitness and propriety, the Commission issued directions under Article 23 of the Law restricting his ability to work in financial services in Jersey. A later update notes the Commission lost contact with his last known residential address as of 18 January 2016.

• Restriction imposed: Mr Sun is prevented from engaging in employment with any registered person or performing any function or service within the definition of financial services business, without first obtaining prior written approval from the Commission.
• Scope: Equivalent 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remain in force until Mr Sun satisfies the Commission that grounds for them no longer exist, at which point they may be withdrawn or varied.
• Offences created: Mr Sun commits an offence under Article 23(15) if he obtains employment with a registered person without Commission consent; any person who knowingly allows him to work in contravention of the directions commits an offence under Article 23(15A).

The statement is informational in the sense that it records a completed enforcement action, but it creates ongoing legal restrictions on Mr Sun and obligations on registered persons not to employ or engage him without Commission approval, and to report any suspected breach.

Key obligations

• Mr Sun must obtain prior written approval from the Commission before engaging in any employment with a registered person or performing any financial services business function.
• Registered persons and other persons must not knowingly allow Mr Sun to perform a function, engage in employment, or hold a position in contravention of the directions.
• Any person with information indicating an offence under Article 23(15) has been committed is asked to contact the Commission.

Applies to

registered persons under the Financial Services (Jersey) Law 1998, banking businesses, insurance businesses, collective investment funds