Financial Services Commission (Site Visits) (Bailiwick of Guernsey) Ordinance, 2008 (Consolidated Text)

Summary

This Ordinance gives the Guernsey Financial Services Commission (GFSC) statutory powers to carry out site visits and inspections of licensees to check compliance with the regulatory Laws and Transfer of Funds Ordinances. It sets out different regimes for visits made with agreement, with notice but without agreement, and without notice where documents may be at risk, plus a warrant procedure for more serious cases.

• Agreed site visits: Commission officers may arrange site visits with a licensee at agreed times and places to check compliance with regulatory Laws (section 1); non-cooperation can be taken into account by the Commission in exercising its other powers.
• Notice-based entry: Officers may enter a licensee's Bailiwick premises with 48 hours' notice given before 4pm on a business day (section 2), generally only between 9am and 4pm on a business day.
• No-notice entry: Where officers suspect documents would be removed, tampered with, falsified or destroyed, they may enter without notice (section 3).
• Information requests: On exercising entry rights, officers may require production of documents, copies in legible form, and answers to questions verifying compliance (section 5).
• Warrants: The Bailiff may grant a warrant (valid 28 days) authorising a police officer and Commission officers to enter, search, seize and copy documents, and require answers to questions, where a request has not been complied with or is suspected of being frustrated; seized documents may be retained for up to 4 months or until related proceedings conclude.
• Confidentiality and privilege: Requirements under the Ordinance override contractual or statutory confidentiality obligations, but do not compel disclosure of legally privileged material; production of a document is without prejudice to any lien over it.
• Offences: Obstructing or failing to comply with a request or requirement, making false or misleading statements, or falsifying, concealing, destroying or removing relevant documents are criminal offences, punishable on summary conviction by up to 6 months' imprisonment and/or a level 5 fine, or on indictment by up to 2 years' imprisonment and/or a fine.

The powers apply to licensees and associated parties across all GFSC-regulated sectors and can be exercised by authorised Commission servants or agents, not only its officers.

Key obligations

• Licensees and associated parties must cooperate with Commission officers during agreed site visits under section 1, including by providing information or documents or answering questions.
• Licensees and associated parties must permit entry to Bailiwick premises on 48 hours' notice given before 4pm on a business day under section 2, and without notice under section 3 where document removal or destruction is suspected.
• Officers, servants or agents of a licensee or associated party must, when required under section 5, produce documents for examination, provide legible copies, and answer questions verifying compliance with the regulatory Laws.
• Persons named in a warrant issued under section 6 must permit search and seizure, answer relevant questions, state the whereabouts of documents, and explain documents as required.
• Persons must not obstruct or fail to comply without reasonable excuse with a request or requirement under sections 2, 3, 5 or 6.
• Persons must not make statements they know to be false or misleading, or recklessly make false or misleading statements, in purported compliance with a requirement under the Ordinance.
• Persons must not falsify, conceal, destroy, remove or dispose of documents relevant to an actual or anticipated site visit or request/requirement under sections 1, 2, 3 or 5.

Applies to

licensees under the regulatory Laws (including banks, insurers, fund administrators, and fiduciary/trust service providers licensed by the GFSC), associated parties of licensees, persons acting for or on behalf of a licensee or associated party

Deadlines

• 48 hours' notice given before 4 p.m. on a business day: Minimum notice period the Commission must give before a site visit without agreement under section 2.
• 28 days from issue: Period for which a warrant granted under section 6 remains valid.
• 4 months (or longer as the Bailiff directs, or until conclusion of proceedings): Period for which documents seized under a section 6 warrant may be retained.
• 30th January, 2008: Date the Ordinance came into force.

Related documents

• This document is made under Financial Services Commission (Bailiwick of Guernsey) Law, 1987 (Consolidated text)
• Transfer of Funds (Alderney) Ordinance, 2017 amends this document
• Transfer of Funds (Guernsey) Ordinance, 2017 amends this document
• Transfer of Funds (Sark) Ordinance, 2017 amends this document