The Commission has issued a consultation paper on consolidating and revising the regulatory and supervisory legislation for which it is responsible.
The consultation paper also suggests improvements as well as consolidation in a number of areas. In addition, it is proposed that the Prescribed Businesses (Bailiwick of Guernsey) Law, 2008 should be repealed and replaced by new legislation which is consistent with the Consolidation/Revision Law. The Prescribed Businesses Law provides the Commission with powers to administer the anti-money laundering framework for firms of lawyers, accountants and estate agents.
The consultation paper is available here. Comments should be made to the Commission on the consultation response form available here, by the close of business on 4 September 2013. See here for update on closing date.
Nik van Leuven, Director General, said "The introduction of the proposed Consolidation/Revision Law will be a significant milestone for the Commission. It is long overdue. It will allow us to supervise businesses more efficiently and effectively. It will also benefit industry, especially those businesses holding licences under separate Laws. We very much look forward to receiving comments from all interested parties on the proposals. They will help to ensure that the Law will be right for Guernsey."
Would you please note that copies of the comments received will be provided to the Commerce and Employment Department.