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

Overview

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 Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2017 (the “Enforcement Law”).  A copy of the draft Enforcement Law is available in PDF format in the "Related" section at the bottom of this page. 

Why your views matter

The Commission is now seeking feedback and assistance from the financial services industry specifically on whether the provisions of the Enforcement Law may have any unintended consequences or fatal flaws. 

Feedback is sought no later than midnight on Friday, 22 September 2017.  Detailed information on how to respond is set out below.

What the engagement is not about

The Commission has engaged with the financial services industry through the issuing of a discussion paper and later through a full consultation process which included a consultation paper in 2015, the use of ‘drop in’ sessions, meetings and other methods of stakeholder engagement.  As the States have already approved the Policy Letter, the policy in relation to the Enforcement Law has already been set.  Thus, the Commission is not seeking extensive responses in relation to matters of policy or policy direction in relation to the Enforcement Law. 

The Format of this engagement

The engagement paper sets out below the topics upon which the financial services industry’s assistance is requested and in particular questions regarding unintended consequences and whether there are any significant issues in relation to certain provisions or areas.  

What happens next

The use of this online platform will also enable us to publish the responses to the engagement paper at the end of the engagement period.  You will therefore be asked whether you consent to your comments being made public, and if so, whether you wish them to be attributed to you or remain anonymous. 

A PDF of your response will be e-mailed to you upon submission.