Discussion Paper on the New Fiduciary Licence Categorisation

Overview

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 of fiduciary licence: primary and secondary. The personal fiduciary licence category remains unchanged.

The purpose of this Discussion Paper is to seek feedback from existing full fiduciary licensees and any other interested parties on the proposed definition of “actively trading” which will become relevant to the distinction of licence categories under the new regime. 

Responses to this Discussion Paper will be considered by the Commission with a view to making more detailed policy proposals in the form of a Consultation Paper to be issued later in the year.

This Discussion Paper is a working document and does not prejudge any final decision to be made by the Commission.

What happens next

Next Steps

The closing date for the Discussion Paper is 5 October 2020. The Commission will then consider all the comments received and engage with relevant licensees with the view to consulting on detailed proposals in due course.