On 1 November 2021, The Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 (the new Enforcement Law) came into effect. Accordingly, the Commission has revised and updated certain key documents relating to the enforcement process:
A new Explanatory Noteregarding "the Investigation and Decision-Making Process in Relation to the use of Enforcement Powers", which replaces the Guidance Note - Decision-Making Process Relating to the Use of Enforcement Powers dated November 2019. All current cases will move to this new process with immediate effect;
A new Explanatory Noteon "the Discretionary Financial Penalties - Schedule of Bandings". All current enforcement cases that are in receipt of a draft enforcement report will remain with the previous schedule;
One "Enforcement Explanatory Note", detailing the Commission's general approach to enforcement as updated for the new Enforcement Law, which consolidates the previous Explanatory Notes on the use of the Commission's powers.