Section 142Part 2 — The Financial Reporting Authority
Vicarious criminal liability
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Where an offence under this Part is proved to have been committed with the consent or connivance of, or to be attributable to, any neglect on the part of, a director, manager, secretary or other similar officer of the body corporate or a person who was pur porting to act in any such capacity (however designated), the person committing the offence, as well as the body corporate, shall have committed that offence and shall be liable to be proceeded against and punished accordingly.
Where the affairs of a b ody corporate are managed by the members, subsection (1) shall apply in relation to the acts and defaults of a member in connection with that person’s functions of management as if that person were a director of a body corporate.
Where an offence under this Part is committed by a partnership, or by an unincorporated association other than a partnership, and that offence is proved to have been committed with the consent or connivance of, or is attributable to any neglect on the part of a partner in the partnership or a person concerned in the management or control of the association, that person , as well as the partnership or association, shall have committed that offence and shall be liable to be proceeded against and punished accordingly.
This section applies to all entities in the regulated sector registered in the Islands and to entities that are not in the regulate d sector (whether or not the nominated officer is based in the Islands).