The Financial Services Commission law was amended in a bid to bring Jersey in line with international practice, as well as to serve as a deterrent for bad behaviour.
It was proposed amid concerns that past practices only allowed firms to be fined for employees’ wrongdoing, rather than the workers themselves.
The amendment extends the JFSC’s civil financial penalties regime to individuals in cases where a “significant and material contravention” has been committed by a person either intentionally or due to neglect.
It also extends to breaches “aided, abetted, counselled or procured” by a person.
Under the new law, offenders will be eligible to pay up to £400,000 – an amount reserved for a ‘Band 3’ fine for “intentional and reckless” rule-breaking.