Guernsey Judgment from the Royal Court suspends £150k fine and public statements.
In the Guernsey Royal Court, the following was decided
- First Appellant = a financial penalty imposed of £150,000, the prohibition order and the issue of the public statement are suspended until the determination of the appeal.
- Second Appellant = The public statement is suspended until the determination of the appeal,
- Second Appellant = the application for a suspension of the financial penalty of £300,000 is rejected.
On 24 October 2023, the Royal Court handed down a judgment in relation to a Commission matter, which was brought by the appellants who applied for a stay order in relation to sanctions the Commission planned to impose.
Read the judegement.
The GFSC say
- The Commission’s action in seeking to oppose this application marks an unusual exception to, rather than a change in, our more habitual approach of being prepared to entertain stays on sanctions when an individual or entity is exercising his, her or its statutory rights to appeal a decision made by one of the Commission’s Senior Decision Makers following a Commission enforcement investigation.
- The Commission notes the findings of the Deputy Bailiff in this judgment which recognises the Commission’s role in having regard to protecting the public and the reputation of the Bailiwick as a finance centre.
- The Commission will await, following a further fuller hearing, a decision from the Royal Court as to whether the appellants’ substantial appeal against the Senior Decision Maker’s decision in this case is successful.
Read the judgement
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