Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) (Amendment) Law, 2003

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Please note that this legislation has been repealed by the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020

PROJET DE LOI

ENTITLED

The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) (Amendment) Law, 2003

THE STATES, in pursuance of their Resolution of the 30^th October, 2002[a], have approved the following provisions which, subject to the Sanction of Her Most Excellent Majesty in Council, shall have force of law in the Bailiwick of Guernsey.

Amendment of Law of 2000.

1. (1) The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) Law, 2000[b] (hereinafter called "the Law of 2000") is amended as follows.

(2) After section 9(4)(i) of the Law of 2000, add the following paragraph -

"(j) prohibit, restrict or impose limitations on the carrying on by way of business of regulated activities, or any class or description of regulated activities, in or from within any place, or any particular place, outside the Bailiwick -

(i) by the licensed fiduciary itself;

(ii) by any undertaking established by the licensed fiduciary (including, without limitation, any branch or subsidiary thereof); or

(iii) through or by means of a relationship with any person (including, without limitation, a relationship of partnership, affiliation or association).".

(3) After section 17 of the Law of 2000, add the following heading and sections -

"Prohibition orders

"Power to make prohibition orders.

17A. (1) If it appears to the Commission, having regard to the provisions of paragraph 3 of Schedule 1, that an individual is not a fit and proper person to perform functions in relation to a regulated activity carried on by a licensed fiduciary, the Commission may make an order (a "prohibition order") prohibiting that individual from performing any function, any specified function or any specified description of function.

(2) A prohibition order may relate to -

(a) any regulated activity, any specified regulated activity or any specified description of regulated activity;

(b) licensed fiduciaries generally or any specified class of licensed fiduciary.

(3) An individual who performs or agrees to perform any function in breach of a prohibition order is guilty of an offence and liable -

(a) on summary conviction, to a fine not exceeding level 5 on the uniform scale, to imprisonment for a term not exceeding 3 months or to both;

(b) on conviction on indictment, to a fine, to imprisonment for a term not exceeding 2 years or to both.

(4) A licensed fiduciary shall take reasonable care to ensure that none of its functions, in relation to the carrying on of a regulated activity, is performed by a person who is prohibited from performing that function by a prohibition order.

(5) The Commission may, on the application of the individual named in a prohibition order, vary or revoke it.

(6) In this section "specified" means specified in a prohibition order.

List of prohibition orders.

17B. (1) The Commission shall maintain a list of all individuals to whom a prohibition order applies.

(2) The list referred to in subsection (1) shall specify the functions or description of functions which the individual concerned is prohibited from performing.

(3) The Commission shall make available to any person, on request and on payment of such charge (if any) as the Commission may reasonably demand to cover the cost of preparation, a copy of the list referred to in subsection (1).

(4) The Commission may publish -

(a) the list referred to in subsection (1); and

(b) the fact that a person has been named in a prohibition order or that a prohibition order has been varied or revoked.

(5) Any list or publication under this section may contain such information (if any) in respect of all or any of the persons named therein as the Commission may think desirable or expedient.

Right to make representations as to prohibition orders.

17C. (1) If the Commission proposes to make a prohibition order against any individual, it shall serve on him a notice in writing -

(a) stating that the Commission is proposing to make a prohibition order against him;

(b) stating the terms of, and the grounds for, the proposed prohibition order;

(c) stating that he may, within a period of 28 days beginning on the date of the notice, make written or oral representations to the Commission in respect of the proposed prohibition order in such manner as the Commission may from time to time determine; and

(d) giving particulars of the right of appeal which would be exercisable if the Commission were to make the prohibition order.

(2) The Commission shall consider any representations made in response to a notice served under subsection (1) before giving further consideration to the proposed prohibition order.

(3) The period of 28 days mentioned in subsection (1)(c) may be reduced in any case in which the Commission considers it necessary to do so in the public interest or in the interests of the reputation of the Bailiwick as a finance centre.

(4) Where, having considered any representations made in response to a notice served under subsection (1), the Commission decides to make a prohibition order against any individual, it shall serve on him notice in writing of the decision -

(a) stating the terms of, and the grounds for, the prohibition order; and

(b) giving particulars of the right of appeal conferred by this Law.".

(4) After section 19(1)(j) of the Law of 2000 insert the following paragraphs -

"(k) to make a prohibition order under section 17A prohibiting him from performing any function, any specified function or any specified description of function; or

(l) to refuse to vary or revoke any such order under section 17A(5);".

(5) In section 19(8) of the Law of 2000 -

(a) after "or (f)" insert "or (k)"; and

(b) after "or direction" insert "or order".

(6) After section 45(2)(b) of the Law of 2000, add the following paragraph -

"or (c) with the consent of the relevant supervisory authority by which the information was supplied, for the purposes or in the circumstances described in any other paragraph of section 44.".

Citation.

2. This Law may be cited as the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) (Amendment) Law, 2003.

[a]	Article IX of Billet d'État No. XXII of 2002.
[b]	Order in Council No. I of 2001.