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Guernsey Regulator Explains Its Enforcement Processes

by Jason Gorringe, Lowtax.net, London
30 October, 2017

Guernsey's financial services regulator, the Guernsey Financial Services Commission, has published a general guide on the way it considers whether to exercise its statutory enforcement powers.

The guidance does not have the force of law and is not prescriptive of a process that will always be followed.

The Commission says each case will be considered on its own merits and, as it deems appropriate, the Commission may depart from the process described in the guidance document.

The guidance is intended to enable those affected to understand where they are in the process. To that end, the Commission says it will endeavor, as far as possible, to inform those affected when the process described in the guidance is being applied, and when significant departures from it occur.

The Commission says the revised guidance is aimed at further streamlining its decision-making process while maintaining an open and transparent approach.

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