Sanctions Notice - Director Disqualification

Please be advised that the UK Government has varied the designations of 2996 individuals and 818 entities across 28 UK autonomous and mixed sanctions regimes, meaning they are now subject to director disqualification sanctions.

All individuals and entities with director disqualification sanctions made against them are listed on the UK’s consolidated list, which can be found here.

The UK regimes in question are given effect within the Bailiwick under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020 that have been made under the Sanctions (Bailiwick of Guernsey) Law, 2018 (the Sanctions Law).

MEASURES WHICH SHOULD BE TAKEN

Individuals who are subject to director disqualification sanctions are banned directly or indirectly from:

• being a director of a Guernsey or Alderney company; and
• taking part in or being concerned in the promotion, formation or management of a Guernsey or Alderney company

unless a licence has been issued or there is an exception in place. If you are aware of any individuals or entities on the list that fall into the categories above, you must notify Policy & Resources immediately.

The information referred to above is required by the Policy & Resources Committee in the exercise of its powers under section 15 of the Sanctions Law.

Any information or queries should be sent to [email protected] with the subject line “Director Disqualification”.

Where you have identified an affected relationship as set out above, please also inform the Guernsey Financial Services Commission via email to [email protected] providing short form information on the nature of the sanction connection and the measures you have taken or intend to take.

Handbook Rule 12.37, requires that, where you have identified an affected relationship as set out above, the firm must provide a report to the Commission which sets out, as a minimum: a) the name of the customer, beneficial owner, key principal or the transaction and/or asset linked to a sanctioned/designated person; and b) the nature of the business relationship or occasional transaction, including the transaction and/or asset value.

This report should be provided to the Commission as soon as reasonably practicable after the firm has met the statutory reporting requirements to the States of Guernsey Policy and Resources Committee.

Further information on sanctions including licences is available on the States of Guernsey website at http://www.gov.gg/sanctions.