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  • Discussion Paper on Proposals to Revise the Bailiwick’s Financial Regulatory Infrastructure for Lending, Credit & Finance

    The purpose of this Discussion Paper is to seek feedback from all interested parties on potential proposals to amend aspects of some of the Bailiwick’s supervisory and regulatory laws. Please note that this survey is an abridged version of the full Discussion Paper, a copy of which may be found via the hyperlink below. The online survey provides the ability to answer all questions, and has been structured to provide sufficient information from the Discussion Paper to help inform the... More
    Opened 26 August 2016

  • Rules for Special Purpose Insurers

    During October and November 2016, the Commission consulted on proposals to amend the framework underlying the Insurance Business (Bailiwick of Guernsey) Law 20002 with the making of rules for Special Purpose Insurers and a related, minor amendmetns to the Insurance Business (Solvency) Rules 2015. More
    Opened 14 October 2016

  • The Bailiwick's Regulatory Framework for the Provision of Pensions Products

    In October 2016, as a result of a request from the States of Guernsey, the Commission published a discussion paper on the supervision and regulation of pension schemes and providers. The discussion paper outlined a suggestion to revise and modernise the Bailiwick's regulatory and supervisory framework of pension schemes and their providers. As a result, in April 2017, the Commission published proposed Pension Licensee and Scheme Conduct of Business Rules for consultation. More
    Opened 27 October 2016

  • Basel III: Liquidity

    In November 2016, the Guernsey Financial Services Commission consulted on proposals to amend the minimum regulatory liquidity requirements that apply to licensed deposit takers that are incorporated in Guernsey. More
    Opened 7 November 2016

  • Consultation on Revisions to the Bailiwick's AML/CFT Framework

    The Policy and Resources Committee of the States of Guernsey ("P&R") and the Guernsey Financial Services Commission ("the Commission") are consulting simultaneously on revisions to the Proceeds of Crime legal and regulatory framework. The revisions bring the Bailiwick’s AML/CFT framework into line with international standards issued in 2012 by the Financial Action Task Force, as well as addressing recommendations made by MONEYVAL following its mutual evaluation of Guernsey, the results of... More
    Opened 9 June 2017

  • Lending, Credit & Finance Consultation Paper

    Bailiwick residents are not immune from an over reliance on credit following the prolonged low interest rate environment or unaffected by unscrupulous lending. The Bailiwick shares potential lending hot spots, which have been publicised in the UK; for example a lack of understanding of the terms of a Personal Contract Plan (“PCP”) for a new car, or unaffordable loans. The Commission in conjunction with the States of Guernsey wants to ensure that for the first time Bailiwick... More
    Opened 18 July 2017

  • Draft Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2017 - Engagement with the financial services industry

    On 30 October 2015, the States of Deliberation approved the Policy Letter submitted by the Policy Council on the Revision of the Financial Supervisory and Regulatory Laws. Representatives of the States of Alderney and the Chief Pleas of Sark had previously indicated their support for the proposals which followed a public consultation process. The Law Officers of the Crown together with the Commission and with the assistance of members of industry, have produced the draft Financial Services... More
    Opened 24 July 2017

  • Revision of Laws Definitions For Engagement

    On 30 October 2015, the States of Deliberation approved the Policy Letter submitted by the Policy Council on the Revision of the Financial Supervisory and Regulatory Laws. Representatives of the States of Alderney and the Chief Pleas of Sark had previously indicated their support for the proposals which followed a public consultation process. The Law Officers of the Crown together with the Commission and with the assistance of members of industry, have produced a draft Protection of... More
    Opened 1 February 2018

  • Draft Protection of Investors (Bailiwick of Guernsey) Law, 2018 - for Engagement with the financial services industry

    On 30 October 2015, the States of Deliberation approved the Policy Letter submitted by the Policy Council on the Revision of the Financial Supervisory and Regulatory Laws. Representatives of the States of Alderney and the Chief Pleas of Sark had previously indicated their support for the proposals which followed a public consultation process. The Law Officers of the Crown together with the Commission and with the assistance of members of industry, have produced the draft Protection of... More
    Opened 1 February 2018

  • Draft Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2018

    On 30 October 2015, the States of Deliberation approved the Policy Letter submitted by the Policy Council on the Revision of the Financial Supervisory and Regulatory Laws. Representatives of the States of Alderney and the Chief Pleas of Sark had previously indicated their support for the proposals which followed a public consultation process. The Law Officers of the Crown together with the Commission and with the assistance of members of industry, have produced the draft Regulation of... More
    Opened 15 March 2018

  • Insurance Regulation Omnibus Consultation (April 2018)

    The consultation made proposals in respect of the Rules and Guidance applicable to insurers licensed under the Insurance Business (Bailiwick of Guernsey) Law, 2002. More
    Opened 17 April 2018

  • Consultation on Proposals to Develop a Guernsey Green Fund

    Climate change represents an urgent and potentially irreversible threat to human societies and the environment. It is recognised as a common concern for governments around the world and, as such, there is a global agenda to reduce the harm being done to our planet. In accordance with international climate obligations, sufficient financial resources are required in order to implement policies, strategies and regulations to contribute to the meaningful mitigation of climate change. Green... More
    Opened 23 April 2018

  • Approved Assets Regulations for Insurance Managers and Intermediaries

    The consultation made proposals in respect of the Regulations applicable to Insurance Managers and Insurance Intermediaries licensed under the Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002. More
    Opened 10 May 2018

  • 2018 General Insurance Public Survey

    This survey is seeking feedback from members of the public on their experiences in purchasing insurance products and when making claims on their insurance. It is hoped that responses will identify common trends, which will be explored by the Commission in a thematic review of Guernsey insurance brokers later this summer. The review poses the question “Are customers treated fairly?”. The Commission will release its conclusions on this question, which will include the results of the... More
    Opened 10 July 2018

  • Draft Banking Supervision (Bailiwick of Guernsey) Law, 2018

    On 30 October 2015, the States of Deliberation approved the Policy Letter submitted by the Policy Council on the Revision of the Financial Supervisory and Regulatory Laws. Representatives of the States of Alderney and the Chief Pleas of Sark had previously indicated their support for the proposals which followed a public consultation process. The Law Officers of the Crown together with the Commission and with the assistance of members of industry, have produced the draft Banking... More
    Opened 12 July 2018

  • Green Insurance in Guernsey - Discussion Paper

    This paper considers how the Bailiwick might become a supportive jurisdiction for green insurance. The paper has adopted a wider scope than is usual in a Discussion Paper as it covers not just regulatory changes but also wider sectoral issues relevant to the local insurance industry. The paper focuses on two areas. 1. How the Commission might support the development of green insurance in Guernsey through regulatory change. 2. Private sector... More
    Opened 7 November 2018

  • Discussion Paper on Proposals to Create a Single Fiduciary Handbook and Revise Pension Rules

    Introduction Purpose of the Discussion 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 Discussion Paper are designed to enhance the levels of confidence and security in the Bailiwick’s... More
    Opened 5 March 2019

  • 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
    Opened 12 September 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
    Opened 12 September 2019

  • Discussion Paper - Funds Growth Omnibus

    Introduction 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 Discussion Paper is to seek feedback from all interested parties on potential changes to the regulatory framework under the Protection of Investors... More
    Opened 7 July 2020

  • Discussion Paper on Ancillary Vehicles

    Introduction Purpose of the Discussion Paper The Projets de Loi for the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (“the 2020 Fiduciaries Law”) and the Protection of Investors (Bailiwick of Guernsey) Law, 2020 (“the 2020 PoI Law”) were approved by the States of Deliberation on 18 August 2020 [1] (see Billet D’état XVII 2020 here ... More
    Opened 20 August 2020

  • Discussion Paper on the New Fiduciary Licence Categorisation

    Introduction Purpose of the Discussion Paper The Projet de Loi for the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (“the 2020 Fiduciaries Law”) was approved by the States of Deliberation on 18 August 2020 [1] . (see Billet D’état XVII 2020 here https://www.gov.gg/CHttpHandler.ashx?id=128687&p=0 ) The 2020 Fiduciaries Law will introduce two new categories... More
    Opened 20 August 2020

  • Consultation on Guidance for Custodians of Open-Ended Collective Investment Schemes with Indirectly Held Assets

    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 a proposed Guidance Note made under the Protection of Investors (Bailiwick of Guernsey)... More
    Opened 9 September 2020

  • Cyber Security Rules and Guidance Consultation Paper

    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 and stakeholders on the introduction of a set of Cyber Security Rules under... More
    Opened 21 September 2020

  • Consultation Paper - A Green Investment Discount for Life Insurer Capital Requirements

    The purpose of this Consultation Paper is to elicit feedback on the scope, structure and design of a "Green Discount" for life insurer capital requirements. The Commission is proposing to amend the Insurance Business (Solvency) Rules, 2015 to introduce a Green Discount. The Green Discount would reduce the capital requirement applicable to spread risk for the green fixed income assets of life insurers that chose to adopt it. The intention behind this is to encourage green,... More
    Opened 6 October 2020

  • Consultation Paper on Proposals for Non Guernsey Schemes

    Purpose of the Consultation 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 are designed to ensure that the rules framework under The Protection of Investors (Bailiwick of Guernsey) Law,... More
    Opened 8 December 2020

  • 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
    Opened 9 December 2020

  • 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
    Opened 11 March 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
    Opened 16 March 2021

  • Consultation Paper on Ancillary Vehicles

    Background Under the current legal framework, some entities and activities which are closely related to a fund structure or a controlled investment fall within the scope of the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 (“the Fiduciaries Law”). Whilst acting as a general partner of a Guernsey fund is and will continue to be covered by an exemption under the Fiduciaries regime [1] ... More
    Opened 21 April 2021
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