Judgment from the Royal Court

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. 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.