Discretionary Exemption from Licensing

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Applicable law

Exemption from licensing is issued under the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) Law, 2020 (“the Law”). 

Application

The exemption application must contain:

Application form and supporting documentation: If the application is being made using the Application portal, the application should be completed and submitted including uploading the supporting documentation where requested as part of the application questions. If the application is in the existing Word format, please scan the fully completed application form signed and dated and supporting documentation, as itemised in the application form, together with an explanatory covering letter scheduling the contents and send electronically to [email protected].

More information on the updated application types on the portal and the Word forms they correspond too, can be accessed via the Commission’s Application forms pages.

Application for exemption: Corporate and Personal

Application Form for Exemption for Corporate and Personal  

Application for exemption: Private Trust Company

Application Form for Exemption for Private Trust Company

Application for exemption: Pension Scheme or Gratuity Scheme

Application Form for Exemption for Pension Scheme or Gratuity Scheme

Application fee

The fee is non-refundable;  Fees

Application process

We will assess and review the application and inform the applicant, or its professional advisers, of any matters requiring expansion and/or clarification. Once all queries have been satisfied, the application will be referred to a decision-maker. A formal response will follow decision-making.

Please note that, since October 2019, all discretionary exemption approvals have been issued with a 3 year time limit. Further information on the renewal process can be found in the news item published on 1 October 2019.

Time frame

Indicative timeframe

Exemption from Primary Fiduciary Licence: Within 14 calendar days of receipt of the application we will advise as to whether the submission is complete or requires further expansion and/or clarification. If the submission is complete, we aim to grant or refuse an exemption within 14 calendar days of receipt of the fully completed application.

Exemption from Personal Fiduciary Licence: Within 7 calendar days of receipt of the application we will advise whether the submission is complete or requires further expansion and/or clarification. If the submission is complete, we aim to grant or refuse an exemption within 7 calendar days of receipt of the fully completed application.

Exemption from Private Trust Company Licence: Within 14 calendar days of receipt of the application we will advise as to whether the submission is complete or requires further expansion and/or clarification. If the submission is complete, we aim to grant or refuse an exemption within 14 calendar days of receipt of the fully completed application.

Application quality

The response time may be advanced or substantially delayed depending on the quality of the submitted application.

Written response

We will send a written response detailing any matters that require expansion and/or clarification to enable the application to be referred to a decision-maker. If the application has been made through the application portal, all responses will be sent inside of the portal.

If we receive no response to these queries within a three-month time period, we reserve the right to archive the application, such that, any future Discretionary Exemption application following this period would require a new submission. Applications that remain in draft format, without being submitted, on the application portal will be removed after three months.

Application conclusion

Exemption granted

Successful applicants will be issued with an exemption by way of a letter.

Conditions

Any conditions which may be imposed on the exemption will be scheduled in the letter.

Annual fee

None.