Mr Peter Wilson Michel (R) (2010-10-08)

Summary

This is a public statement issued by the Jersey Financial Services Commission under Article 25(a) of the Financial Services (Jersey) Law 1998, following an investigation into the fitness and propriety of Mr Peter Wilson Michel, a former principal person and director. The Commission has issued directions under Article 23 of the Law prohibiting him from taking up employment with any registered person without its prior written approval.

• Scope of directions: Mr Michel is barred from engaging in any employment with a registered person under the Law unless he first applies for and obtains prior written approval from the Commission.
• Cross-law effect: 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until Mr Michel satisfies the Commission that the grounds justifying them no longer apply, at which point they may be withdrawn or varied.
• Offence for Mr Michel: He commits an offence under Article 23(15) of the Law if he obtains employment with a registered person before successfully applying for a variation or withdrawal.
• Offence for third parties: Any person who knowingly allows Mr Michel to perform a function, engage in employment, or hold a position in relation to a registered person in contravention of the directions also commits a criminal offence.

This is an individual enforcement notice rather than a rule of general application; it is relevant to registered persons who might consider engaging Mr Michel, and to anyone with information about a potential breach, who is asked to contact the Commission's Enforcement Director.

Key obligations

• Mr Michel must obtain the Commission's prior written approval before taking up employment with any registered person
• Registered persons and other persons must not allow Mr Michel to perform a function, engage in employment, or hold a position in relation to a registered person while the directions remain in force
• Any person with information indicating a breach of the directions is asked to contact the Commission

Applies to

registered persons