The Financial Services Commission Act 2001 was amended by the Financial Services Commission (Amendment) Act 2017 on May 1 2017. The key revisions relate to the routine publication of fines and penalties levied by the Financial Services Commission (FSC), on its website or elsewhere.
The key changes are as follows:
- Section 37(6A) – where the FSC considers that the nature of the breach or offence giving rise to the enforcement action, or the type of enforcement action taken, does not warrant publication of the name of a licensee or other person, it can decide not to publish the name of the licensee or other person on the enforcement page of its website or elsewhere.
- Section 37(6B) – the FSC now has the discretion to determine the types of case where publication of the enforcement may be restricted.
- Section 37(8) – where the FSC does decide to publish the enforcement action taken against a licensee or other person on the enforcement page of its website, it can now:
- determine the period within which the publication may remain published;
- determine that the publication shall remain for an indefinite period;
- specify the condition(s) that should be satisfied before publication is terminated or removed; or
- take such other action in relation to the publication as it may consider fit.
The amendment is deemed to have come into force on January 1 2017.
For further information on this topic please contact Aki Corsoni-Husain, Ayana Hull or Mirza Manraj at Harneys by telephone (+1 284 494 2233) or email ([email protected], [email protected] or [email protected]). The Harneys website can be accessed at www.harneys.com.