Introduction
Purpose of the Consultation Paper
The Commission seeks to regulate and supervise financial services in the Bailiwick of Guernsey, with integrity, proportionality and professional excellence, and in so doing help to uphold the international reputation of the Bailiwick of Guernsey as a finance centre.
Consistent with the Commission’s objectives, the proposals in this Consultation Paper are designed to enhance the levels of confidence and security in the...More
Introduction
Purpose of the Consultation Paper
The Commission seeks to regulate and supervise financial services in the Bailiwick of Guernsey, with integrity, proportionality and professional excellence, and in so doing help to uphold the international reputation of the Bailiwick of Guernsey as a finance centre.
Consistent with the Commission’s objectives, the proposals in this Consultation Paper are designed to enhance the levels of confidence and security in the...More
Background
In July 2020 the Guernsey Financial Services Commission published a Fund Growth Omnibus Discussion Paper [1] (the “Discussion Paper”) seeking feedback on proposals in relation to the Private Investment Fund Rules 2016 (the “PIF Rules”) [2] . The PIF Rules require that a Private Investment Fund (“PIF”) has within its structure a licensee responsible for management. When considering an application for the registration of a proposed...More
The Spring Green Consultation Paper proposes an addition to the Finance Sector Code of Corporate Governance, to take specific account of climate change considerations; and two minor modifications to the Guernsey Green Fund Rules.
The consultation paper, Finance Sector Code of Corporate Governance, Funds Growth Omnibus Discussion Paper and Thematic Review 2020-2021 of the Guernsey Green Fund Regime can all be accessed from the links below.
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The purpose of this Consultation Paper is to seek feedback from stakeholders and interested parties on the issues contained in the paper and the proposed revisions to the relevant rules and guidance issued under the Banking Supervision (Bailiwick of Guernsey) Law, 2020 (“The Law”), which is intended to replace the Banking Supervision (Bailiwick of Guernsey) Law 1994. This includes the Banking (Accounts) Rules 1994 and the Large Exposure Policy.
The proposals in this...More
Introduction
Purpose of the Consultation Paper
The Commission seeks to regulate and supervise financial services in the Bailiwick of Guernsey with integrity, proportionality, and professional excellence, and in so doing help to uphold the international reputation of the Bailiwick of Guernsey as a finance centre.
The purpose of this Consultation Paper is to seek feedback from all interested parties on the proposed replacement of the...More
PART 1 INTRODUCTION
Purpose of the Consultation Paper
Revision of Laws Project
In August and September 2020, the States of Guernsey, the States of Alderney, and the Chief Pleas of Sark, as part of a review of the legislation governing the finance industry, approved the following –
The Protection of Investors (Bailiwick of Guernsey) Law, 2020 (the “POI Law”);
The...More
INTRODUCTION
Purpose of the Consultation Paper
Fees consultation
The aim of this consultation is to detail the Commission’s fee rate proposals for 2022 and to solicit feedback and comments from industry. The consultation will be open for an 7-week period. After this and following appropriate consideration of the consultation responses, new fees will come into force on the 1 st January 2022.
The Commission...More
Purpose of the Consultation Paper
Revision of Laws Project
In August and September 2020, the States of Guernsey, the States of Alderney, and the Chief Pleas of Sark, as part of a review of the legislation governing the finance industry, approved the following –
The Banking Supervision (Bailiwick of Guernsey) Law, 2020 (the “New Banking Law”);
The New Banking Law forms part of the suite of legislation contemplated...More
Background
Professional indemnity insurance (“PII”)
PII “covers liability for injury, damage or financial loss arising from a breach of professional duty carried out in good faith or negligent acts, errors or omissions in their professional capacity. The persons covered by the policy include the insured, any employees/partners, any agent and any predecessors” (Chartered Insurance Institute).
PII indemnifies firms in the...More
The Commission has been made aware by industry of an increasingly challenging Professional Indemnity Insurance (“PII”) market. Firms have found the availability of insurance reducing while prices are rising. The Commission has engaged with industry and other stakeholders through questionnaires and interviews. As a result of that engagement, the Commission is publishing this Consultation Paper to seek industry’s views on proposed changes to the rules around the maintenance of PII.
...More
Bailiwick Substantial Mind and Management
The Protection of Investors (Bailiwick of Guernsey) Law, 2020
The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (together “the Supervisory Laws”)
The purpose of this Consultation Paper is to seek feedback from all interested parties on proposals to issue guidance under the Supervisory Laws. The proposed guidance...More
Background
This consultation paper proposes the creation of new fund rules providing for the voluntary application for designation by the Commission of registered or authorised collective investment schemes as Natural Capital Funds. Designation would be available to funds committed to making a nature-positive investment, setting and monitoring appropriate targets, and making relevant disclosures. Nature-positive investments are those with an objective to...More
Introduction
Purpose of the Consultation Paper
The Commission seeks to regulate and supervise financial services in the Bailiwick of Guernsey with integrity, proportionality and professional excellence, and in so doing help to uphold the international reputation of the Bailiwick of Guernsey as a finance centre.
The term “greenwashing” refers to the practice of misrepresenting sustainability-related practices or the sustainability...More
Background
In our December 2021 Consultation Paper on Professional Indemnity Insurance we asked for feedback on the proposed changes to requirements concerning professional indemnity insurance (“PII”) for insurance managers and insurance intermediaries.
A feedback statement on the CP can be found at the link below. Alongside the feedback statement the Commission has issued final drafts of the relevant amended Rules wording, taking into account comments received during the...More
Background
In our December 2021 Consultation Paper on Professional Indemnity Insurance we asked for feedback on the proposed changes to requirements concerning professional indemnity insurance (“PII”) for the fiduciary and investment sectors, as set out in the Consultation Paper on Professional Indemnity Insurance Fiduciary and Investment Sectors (“CP”).
A feedback statement on the CP can be found at the link below. Alongside the feedback statement...More
This Consultation Paper (“CP”) follows the approval of the Lending Credit & Finance (Bailiwick of Guernsey) Law, 2022 , based on the Policy Letter published by the Policy & Resources Committee and Committee for Economic Development in December 2020 [1] , which builds on previous work. Since the Policy Letter’s approval, the Commission has engaged extensively with stakeholders in developing its approach to the new Law and in drafting Rules for licensees. We sought to...More
Introduction
This consultation paper proposes the making of new regulations providing for the exemption from licensing under The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (the “Fiduciaries Law”) of the activity of acting as a director of certain companies connected to registered or authorised collective investment schemes. This consultation complements a recent Policy & Resources Committee...More
This consultation paper proposes the making of rules for the mandatory filing of three existing financial crime returns to which administrative financial penalties will apply for late filings and inaccurate submissions.
The Commission is intending to make rules which will make mandatory the filing of the following returns within the timeframes set:
The annual financial crime risk return from all licensed firms by 31 October each year;
...More
This consultation paper has been issued to seek comments on proposed amendments to Paragraphs 3 and 15 of Schedule 3 to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999 as amended (“Schedule 3 to the Law”) and associated rules and guidance in the Handbook on Countering Financial Crime and Terrorist Financing in relation to an independent audit function and on business risk assessments.
The consultation also includes further development...More
This consultation paper seeks comments on:
Proposed rules and guidance for virtual asset service providers (“VASPs”) on information requirements for virtual asset transfers and general guidance for VASPs and specified businesses with a connection to, or involvement with, virtual assets, on how to meet the requirements of Schedule 3 to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law 1999 (“the POC Law”) and rules in the Handbook on...More