The Financial Services Commission (Administrative Financial Penalties) (Bailiwick of Guernsey) Regulations, 2010 (“The Regulations”)20th September 2010
As notified in a news item on 1 September 2010, the Regulations came into force on that date. Financial penalties payable under the Regulations accrue automatically. It is the responsibility of each regulated person to ensure that they have complied with their applicable filing responsibilities. Regulated persons who submit filings after the prescribed date are responsible for ensuring that payment of the applicable penalty under the Regulations is made at that time. Regulated persons who fail to submit the required payment at the time of filing will receive an invoice from the Commission for the outstanding penalty payment.