The Investment Supervision and Policy Division supervises its licensees by conducting regular desk based off-site monitoring supplemented by periodic on-site compliance visits.
Desk Based Monitoring
Licensees are required to comply with the Licensees (Conduct of Business) Rules, 2016 and the notifications stipulated therein. In addition Licensees are required to comply with the Licensees (Capital Adequacy) Rules 2010.
Some of the more common changes requiring notification are listed below:
Change of Name or Address
A licensee must notify the Commission of a change of its registered or equivalent name and of a change to its registered address or principal place of business.
Key employees
A licensee must notify the Commission of any changes to managers involved with the licensee's controlled investment business in Guernsey, the secretary of the licensee, the Compliance Officer and should include a statement for the reasons for the change.
Complaints
If a significant complaint remains unsettled for longer than three months, the licensee shall immediately inform the Commission and shall also advise the complainant that he may inform the Commission directly of his complaint.
Annual Compliance Return
All licensees must file annually with the Commission its compliance return. Please refer to the Returns section for further information in respect of the annual compliance return requirements.
Compliance Visits
The Investment Supervision and Policy Division performs regular visits to its licensees to enhance the Division's understanding of the licensee's business and to review the risk management systems and internal controls in operation to ensure compliance with the Licensees (Conduct of Business) Rules, 2016 and the Licensees (Capital Adequacy) Rules 2010.
Extension of Licence
Where a Licensee wishes to extend the Categories of Investments and/or Restricted Activities for which it is licensed to conduct, an application form should be submitted. (Form RA/2, which may be found here).
