As a result of The Foundations (Guernsey) Law, 2012 (“the Foundations Law”) coming into effect on 8 January 2013 and also The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) (Foundations Amendment) Regulations, 2012 (“the Foundation Amendment Regulations”) being made on 14 January 2013, various amendments in respect of Foundations related activities have been made to The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000, as amended (“the Fiduciary Law”).
Summary of changes to the Fiduciary Law
The Foundation Amendment Regulations have made the following changes to the Fiduciary Law:
- A new sub-section, 2(1)(d) defines as a regulated activity the inclusion of the foundations related activities (whatever their governing law) and also defines the terms “foundation” and “foundation official”.
- In respect of fiduciaries being fit and proper persons, Schedule 1, Section 3(2)(g), (h) and (i) have been inserted and replace the two existing paragraphs marked as 3(2)(g).
Under section 50 of the Foundations Law, the following change has also been made:
- A new sub-section, 4(3)(b)(iv) defines the regulated activities that a personal fiduciary licensee may carry out in respect of foundations related activities; and also limits those activities to Guernsey resident individuals only.