The Commission is today issuing a discussion paper seeking feedback from all interested parties on potential enhancements to the regulatory framework under the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 (the "Fiduciaries Law") with the objective of ensuring that the regime continues to be both compliant with international standards and appropriate for the Guernsey market. Responses to this Discussion Paper will be considered by the Commission with a view to consulting on detailed policy proposals in due course.
The discussion paper makes proposals for the revision and consolidation of elements of the policy framework underlying the Fiduciaries Law, specifically:
1. The strengthening and reframing of Codes of Practice as a single Fiduciary Rulebook, in line with the GIFCS Standard; and
2. Revision of the Pension Rules to reflect industry feedback and consolidation of the conduct of business elements of the existing Pension Rules within the new single Fiduciary Rulebook, eliminating elements of duplication.
The first part of the paper is in the format of a Discussion Paper on the proposal for a Fiduciary Rulebook, while the second part provides feedback on the industry comments on the existing Pension Rules.
A copy of the combined Consultation Paper can be found here:
Respondents are encouraged to submit their comments online using the Commission's Citizen Space Consultation Hub which can be found here:
Responses to this Discussion Paper are sought by 30 April 2019.