Mr Timothy James McKimmon (R) (2014-12-02)

Summary

This is a public statement issued by the Jersey Financial Services Commission announcing that it has issued statutory directions against Mr Timothy James McKimmon, a former director and Head of Trust and Fund Administration of Horizon Trustees (Jersey) Limited (HTJL, now in liquidation). The directions follow an investigation which found Mr McKimmon acted without integrity and displayed incompetence of the most serious kind in connection with HTJL's administration of private fund structures and a troubled investment vehicle (Structure X) linked to a UK media rights company.

• Effect of the directions: Mr McKimmon is prohibited from performing any function for, being employed by, or holding any position in the business of any registered person in Jersey.
• Duration: The directions remain in force indefinitely unless Mr McKimmon successfully applies under Article 23(6) of the FS(J)L for a variance or withdrawal.
• Related directions: Equivalent directions have also been issued under the Banking Business (Jersey) Law 1991, the Collective Investment Funds (Jersey) Law 1988, and the Insurance Business (Jersey) Law 1996.
• Criminal offence: Breach of the directions by Mr McKimmon is an offence under Article 23(15) of the FS(J)L; any person who knowingly allows him to work or hold a position in contravention of the directions also commits an offence under Article 23(15A).

The statement is enforcement-related and personal to Mr McKimmon; it does not create new general rules for the industry but does impose a continuing legal restriction that regulated businesses must observe when considering engaging him in any capacity.

Key obligations

• Registered persons and financial services businesses in Jersey must not allow Mr McKimmon to perform any function, take up employment, or hold any position in their business, on pain of committing a criminal offence under Article 23(15A) of the FS(J)L.
• Mr McKimmon must not perform any function, engage in employment, or hold any position in the business of any registered person unless and until he successfully applies to the Commission under Article 23(6) of the FS(J)L for a variance or withdrawal of the directions.

Applies to

registered persons, trust company businesses, financial services businesses licensed in Jersey, banking businesses, collective investment funds businesses, insurance businesses