What powers will the Commission have over money service businesses?
In common with other types of financial service business regulated under the Financial Services (Jersey) Law 1998, that law provides the Commission with a range of powers and sanctions that it can use – in appropriate circumstances – in connection with the supervision of persons that carry on money service business (including those who can use the turnover exemption or the deposit-takers’ exemption). These powers and sanctions include: conditioning a person’s registration (where applicable); the ability to issue directions; making public statements; requiring the provision of information and documents; the ability to seek a Bailiff’s warrant to enter and search premises for information and documents; undertaking investigations, and; co-operating with overseas regulatory authorities. The Financial Services (Jersey) Law 1998 contains restrictions on when the Commission can use the powers and sanctions available to it.
