Where Financial Innovation Meets Collaboration
The Commission is keen to offer support to those firms interested in operating its business from or within Guernsey to better understand the regulatory framework and legislative landscape.
We recognise that in order to foster development of innovative products within the Bailiwick, we need to have open channels for communication and regulatory clarity. The Commission also appreciates that in order to effectively supervise innovative business that a cooperative approach is required to ensure all stakeholders have a working knowledge of each other’s requirements – this is just one of the reasons we have introduced the Innovations SoundBox.
The Commission is cognisant to the fact that regulators, entrepreneurs and innovators may, at times, look at things differently, and accordingly we want applicants to understand our regulatory thinking. We have listed below examples of subjects that might form the basis for discussion.
- Ownership structure and proposed Board composition.
- Business Model: What is the business proposition? What are the business objectives and projections?
- Presence: Location of the business, current and future. Are there plans to locate to the Bailiwick?
- Business Strategy: What is the targeted business market and client base?
- Risk: What risks have been identified? What is the business' risk appetite?
The Commission is open to discussing innovative proposals and how they can fit into our regulatory framework.