Closed consultations with published results

  • Consultation on Proposed Financial Crime Return Rules

    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
    Closed 27 March 2023
  • Consultation Paper on the Lending Credit and Finance Rules, Guidance and Implementation

    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
    Closed 15 September 2022
  • Draft amended Insurance Managers and Insurance Intermediaries PII Rules for fatal flaws comments

    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
    Closed 5 August 2022
  • Draft amended Fiduciary Rules and draft amended Capital Adequacy Rules for fatal flaw comments

    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
    Closed 5 August 2022
  • Extending the Sustainable Funds Regime: Consultation Paper on Natural Capital Fund Rules

    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
    Closed 4 July 2022
  • Consultation Paper on Proposed Measures to Counter the Risk of Greenwashing

    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
    Closed 4 July 2022
  • Bailiwick Mind and Management Consultation Paper

    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
    Closed 21 March 2022
  • Consultation Paper on Professional Indemnity Insurance Fiduciary and Investment Sectors

    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
    Closed 14 February 2022
  • Consultation Paper on Professional Indemnity Insurance for Insurance Intermediaries and Insurance Managers

    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
    Closed 14 February 2022
  • Consultation Paper on the Annual Compliance Return Rules proposed to be issued under the Banking Supervision (Bailiwick of Guernsey) Law, 2020

    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
    Closed 15 September 2021
  • 2022 Fees Consultation

    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
    Closed 10 September 2021
  • Consultation Paper on the Codes and Guidance Documents proposed to be re-issued under The Protection of Investors (Bailiwick of Guernsey) Law, 2020, The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) Law, 2020, The Banking Supervision (Bailiwick of Guernsey) Law, 2020, The Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020, The Insurance Business (Bailiwick of Guernsey) Law, 2002 and The Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002

    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
    Closed 26 July 2021
  • Consultation Paper on the proposed replacement of the current Fiduciary Rules, 2020 by the new Fiduciary Rules, 2021

    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
    Closed 17 June 2021
  • Amendments to the Banking Rules on Accounts, Disclosure & Large Exposures

    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
    Closed 11 May 2021
  • Spring Green Consultation Paper

    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. More
    Closed 5 May 2021
  • Consultation Paper on Proposals for Private Investment Funds

    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
    Closed 1 February 2021
  • Consultation Paper on Revised Pension Rules

    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
    Closed 7 November 2019
  • Consultation Paper on Proposals to Create a Single Fiduciary Handbook

    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
    Closed 7 November 2019
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