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Revisions to the Supervisory Framework for Prescribed Businesses

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Policy & Resources Committee - P.2024/20

The States are asked to decide:-

Whether, after consideration of the Policy Letter entitled "Revisions to the Supervisory Framework for Prescribed Businesses", dated 29th February 2024, they are of the opinion:-

1. To agree to empower the Guernsey Financial Services Commission to:-

(i) Require provision of information on the identity of directors, partners and beneficial owners of Prescribed Businesses providing legal, accountancy and real estate services as part of the application for registration, and on an ongoing basis when changes to those persons occur within a Prescribed Business (as set out in paragraph 3 of the Policy Letter);

(ii) Refuse an application to register as a Prescribed Business, or revoke a registration, should any director, partner or beneficial owner of an applicant Prescribed Business or registered Prescribed Business fail to satisfactorily complete any of the checks undertaken by the Registrar of Companies (in the Registrar's capacity as the Administrator of Estate Agents, the Administrator of Accountants and the Administrator of non-locally qualified legal professionals), or HM Greffier (as set out in paragraph 3 of the Policy Letter);

(iii) Impose administrative financial penalties upon Prescribed Businesses for the late payment of annual registration fees (as set out in paragraph 4 of the Policy Letter);

(iv) Make rules requiring certain information be submitted annually to the Commission and prescribing administrative penalties for late and inaccurate filings (as set out in paragraph 5 of the Policy Letter);

(v) Impose higher financial penalties for non-compliance (as set out in paragraph 6 of the Policy Letter);

2. To agree to amend Schedule 9 to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999 in order to make explicit that beneficial owners of firms of Advocates are required to make notifications to HM Greffier (as set out in paragraph 7 of the Policy Letter);

3. To approve the draft Projet de Loi entitled "The Prescribed Businesses (Bailiwick of Guernsey) (Amendment) Law, 2024", as set out in Appendix 1 to the Policy Letter, and to authorise the Bailiff to present a most humble petition to His Majesty praying for His Royal Sanction thereto; and

4. To approve the draft Ordinance entitled "The Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) (Amendment) Ordinance, 2024" as set out in Appendix 2 to the Policy Letter, and to direct that the same shall have effect as an Ordinance of the States.

The above Propositions have been submitted to His Majesty's Procureur for advice on any legal or constitutional implications in accordance with Rule 4(1)(c) of the Rules of Procedure of the States of Deliberation and their Committees.

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P.2024 20 - Revisions to the Supervisory Framework for Prescribed Businesses

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