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 and supporting documentation: The application should be made using the Application portal, including uploading the supporting documentation where requested as part of the application questions.
More information on the updated application types on the portal can be accessed via the Commission’s Application pages.
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 through the portal detailing any matters that require expansion and/or further clarification to enable the application to be referred to a decision-maker.
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.