Enforcement

The Commission notes the Report to the Privy Council of the 18 December 2024. Further to the Report's instructions that it be "punctually observed and obeyed", the Commission now intends to proceed to appoint a Senior Decision Maker further to the judgment of the Guernsey Court of Appeal of 18 January 2024 to redetermine the sanctions to be applied in this matter as per paragraph 194 of that...

The Commission notes that the Court of Appeal handed down a judgment relating to an application for privacy on 4 December 2024. The judgment can be found on the Guernsey Legal Resources website. The Commission will consider making a further statement, if and when appropriate, and in the context of the ongoing appeal process.

Following publication by the Royal Court, on 21 November 2024, we are making available the judgment of Lieutenant-Bailiff Hazel Marshall KC in the case of Nicholas Walton Hofgren and the Guernsey Financial Services Commission. The Commission welcomes the judgment which dismisses Mr Hofgren’s grounds of appeal. We intend to issue a public statement on this matter in due course.

We are considering, in conjunction with counsel, as to whether we should appeal aspects of the judgment that was handed down on 21 November 2024 as it contains novel interpretations of some aspects of the Bailiwick’s regulatory laws.

The Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 (the “Enforcement Powers Law”) The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (the “Fiduciaries Law”) [1] The Beneficial Ownership of Legal Persons (Guernsey) Law, 2017 (the “Beneficial Ownership Law”) Schedule 3 to Criminal Justice (Proceeds...

The Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 (the “Enforcement Powers Law”) The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (the “Fiduciaries Law”) [i] The Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulations, 2007 (the “Regulations”)...

The Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 (the “Enforcement Powers Law”) The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (the “Fiduciaries Law”) [1] The Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey)) Regulations, 2007 (the “Regulations”)...

The Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 (“the Enforcement Powers Law”) The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) Law, 2020 (“the Fiduciaries Law”) [1] The Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulations, 2007 (“the Regulations”)...