Guernsey Regulator Publishes Enforcement Guidance
by Jason Gorringe, Lowtax.net, London
27 April, 2016
Guernsey's financial services regulator, the Guernsey Financial Services Commission, has published a guidance note explaining its general approach to enforcement.
The note was published in response to a request from Guernsey's legislature.
The note explains the Commission's risk-based approach to supervising licensees. Where appropriate, the Commission will address contraventions or misconduct by agreement with the licensee or individual(s) concerned through ordinary supervisory processes. It will seek to agree remedial action to address any non-compliance.
Where this is not possible, the Commission may impose financial penalties in relation to material contraventions of statutory or regulatory requirements, or an entity's failure to fulfill any of the requirements of the statutory minimum criteria for licensing.
The Commission also publicizes the results of its enforcement actions, to raise awareness of regulatory standards and demonstrate its commitment to regulation in accordance with agreed international standards.
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