Update

Courts will apply greater scrutiny to regulatory penalties

On 11 May 2016, the Royal Court of Guernsey allowed in part an appeal from a decision by the Guernsey Financial Services Commission (the GFSC) to impose sanctions for breaches of various regulatory laws, including the Protection of Investors (Bailiwick of Guernsey) Law, 1987 (the POI Law).  In doing so the Court made a number of useful observations on the enforcement process of the GFSC and the scrutiny to which it should be subjected.