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