In January 2016, the States of Deliberation (the States) agreed to increase the maximum level of financial penalties available to the Commission which can be applied in cases where there have been serious breaches of the regulatory laws. Subsequently, in March 2016, the States approved the necessary legislation (Projet de Loi) to give effect to the proposals.
The Commission has been informed that the Royal Court has today registered “The Financial Services Commission (Bailiwick of Guernsey) (Amendment) Law, 2016” which brings into effect the new levels of discretionary financial penalties. Now it has been confirmed that the law has been enacted, the Commission has published a Feedback Paper setting out its response to the consultation process which was undertaken last year.
At the same time, the Commissionhas also published a schedule setting out bandings for the revised discretionary financial penalties. The Commission would emphasise that the schedule is only intended as guidance and as such must be read in conjunction with all relevant legislation including any regulations which are in force.
The increased penalties will only be applied in new enforcement cases which are commenced on or after 13 November 2017 and where the alleged breaches also took place on or after that date.