Mr Russell Shelton Homer (R) (2010-07-20)

Summary

This is a public statement issued by the Jersey Financial Services Commission under Article 25(a) of the Financial Services (Jersey) Law 1998, disclosing regulatory directions issued against a named individual, Mr Russell Shelton Homer, following a fitness and propriety investigation. It does not impose new rules on the industry generally; it publicises restrictions placed on this one person.

• Directions issued: On 23 April 2009 the Commission issued directions to Mr Homer under Article 23(1) of the Financial Services (Jersey) Law 1998, and equivalent directions under the Collective Investment Funds (Jersey) Law 1988, the Insurance Business (Jersey) Law 1996, and the Banking Business (Jersey) Law 1991.
• Restriction 1: Mr Homer is prohibited from acting as, or being employed as, a principal person or key person as defined under the Law.
• Restriction 2: He is prohibited from acting with authorised signatory powers over any bank account, or holding office with capacity to execute legal documentation, in relation to carrying on financial service business.
• Restriction 3: He is prohibited from engaging in any other employment by a registered person without first obtaining the Commission's prior written approval.
• Consequence of breach: Acting contrary to these restrictions constitutes an offence under Article 23(15) of the Law.

The statement is informational in nature, disclosing an enforcement outcome against a specific individual rather than creating general compliance requirements for regulated firms. The Commission invites anyone with information suggesting Mr Homer has breached the restrictions to contact it.