Consultation Paper on The Prospectus Rules

Overview

This consultation seeks comments on a proposed improved set of rules relating to the issuance of prospectuses both in respect of Category 2 Controlled Investments generally, and also specifically in respect of Collective Investment Schemes which are registered under Section 8 of the Protection of Investors (Bailiwick of Guernsey) Law, 2020 (“the POI Law”) and which are subject to the Registered Collective Investment Scheme Rules, 2021.

The proposals in this paper seek to reduce the administrative burden of regulation in some areas and ensure the Bailiwick continues to apply standards which are comparable with peer jurisdictions.

The proposed rules are intended to replace the existing Prospectus Rules, 2021 but do not fundamentally change the regulatory framework or the Commission’s approach in relation to prospectuses and other offering documents.  However, whilst they adopt the same format, the changes they introduce are considered sufficient to warrant a replacement of the existing rules rather than simply making amendments to those existing rules.

For ease of reference a set of the proposed new rules is attached to this consultation paper which are in tracked format in order that the changes from the current rules may be easily identified.