In its annual report, the GFSC noted many cases where it had looked into breaches of its financial regulation, but said in most cases it was able to work with the companies involved to find a solution to the issues raised.
In the chairman’s statement at the beginning of the annual report, director general, Nik van Leuven said: “During 2012 the Commission has been actively engaged in investigating and pursuing some potentially significant enforcement cases, all of which have been extremely demanding in terms of staff resources.”
van Leuven added that, by its very nature, enforcement is unpredictable as to occurrence, timing and consequence, “assumption that can be made with confidence is that the Commission will inevitably be required to investigate breaches of the regulatory regimes for which it is responsible, with the attendant possibilities of sanctions and legal proceedings”.
He added: “What cannot be predetermined precisely is how any case will develop. The application of project methodology to more serious cases will undoubtedly assist in their effective and efficient disposal, but there is always an element of the unexpected.”
The director general said it is for these reasons the GFSC is planning to establish an Enforcement Division this year which will assume the conduct of more serious cases to ensure their “more effective and efficient handling”.
The GFSC’s first quarter report revealed across the board growth for the island’s finance industry
