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 related features of investment products1.
Consistent with the Commission’s objectives, the proposals in this Consultation Paper are designed to enhance levels of confidence in the Bailiwick’s regulatory and supervisory framework for investment firms and collective investment schemes by reinforcing the Commission’s expectations relating to disclosure requirements in order to help mitigate the potential risks of greenwashing.
The purpose of this Consultation Paper is to seek feedback from all interested parties on detailed proposals for the introduction of:
Views are also sought on the future consideration of anti-greenwashing policy measures for other supervised sectors.
Please note that a concurrent Consultation Paper covering the proposed new Natural Capital Fund regime has also been issued by the Commission (https://www.gfsc.gg/sites/default/files/2022-05/20220405-%20Natural%20Capital%20Fund%20CP_0.pdf).
This Consultation Paper is a working document and does not prejudge any final decision to be made by the Commission.
1 Recommendations on Sustainability-Related Practices, Policies, Procedures and Disclosure in Asset Management Final Report, International Organization of Securities Commission, November 2021.
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