On 30 October 2015, the States of Deliberation approved the Policy Letter submitted by the Policy Council on the Revision of the Financial Supervisory and Regulatory Laws. Representatives of the States of Alderney and the Chief Pleas of Sark had previously indicated their support for the proposals which followed a public consultation process. The Law Officers of the Crown together with the Commission and with the assistance of members of industry, have produced the draft Banking Supervision (Bailiwick of Guernsey) Law, 2018 (the “Banking Supervision Law”). A copy of the draft Banking Supervision Law is available in PDF format here.
The Commission is seeking feedback and assistance from the financial services industry specifically on whether the provisions of the Banking Supervision Law may have any unintended consequences or fatal flaws.
Feedback is sought no later than 5pm on Monday, 27 August 2018. Detailed information on how to respond is set out below.
What the engagement is not about
The Commission has engaged with the financial services industry through the issuing of a discussion paper and later through a full consultation process which included a consultation paper in 2015, the use of ‘drop in’ sessions, meetings and other methods of stakeholder engagement. As the States have already approved the Policy Letter, the policy in relation to the Banking Supervision Law has already been set. Thus, the Commission is not seeking responses in relation to matters of policy or policy direction in relation to the Banking Supervision Law.
The Format of this engagement
This engagement paper sets out the topics upon which the financial services industry’s assistance is requested and in particular questions regarding unintended consequences and whether there are any significant issues in relation to certain provisions or areas.
How to respond
The engagement period runs from Thursday, 12 July 2018 to 5pm on Monday, 27 August 2018. Participants are encouraged to feed back any comments as soon as possible.
As with the consultation paper for this project, the Commission has decided to use an online consultation tool. It is hoped that using this process will facilitate the timely return of responses, and will also assist in the detailed analysis of those responses at the end of the engagement period. Please note that it will only be possible to submit responses to this site during the engagement period, after which the survey function automatically ends. It is therefore very important that all submissions are made before 5pm on Monday, 27 August 2018.
The use of this online platform will also enable us to publish the responses to the engagement paper at the end of the engagement period. You will therefore be asked whether you consent to your comments being made public, and if so, whether you wish them to be attributed to you or remain anonymous.
The engagement paper has been published online via the organisation known as ‘Citizen Space’. Citizen Space is an online engagement platform that has been used for engagement by more than 80 diverse organisations around the world. These organisations include national and state governments, local authorities, healthcare, utilities, police, regulators and trusts. Citizen Space handled the highly contentious BBC Radio 6 consultation and the more recent Scottish Government Independence Referendum Consultation, which received over 24,000 responses.
You can find and complete your response to the discussion paper online via https://consultationhub.gfsc.gg/revision-of-laws/banking.
The full paper is available in PDF format, and also within the survey on a document reader. We would ask that you take the time to read the document before giving your responses. Citizen Space gives respondents the option to ‘Save your response and return later’. Once this option is selected, the system will ask you to provide an email address to which the unique response ID and URL to the part-completed response will be sent. To resume submission, you must simply click on this URL to return to the point at which you left the engagement.
A PDF of your response will be e-mailed to you upon submission.
If you have any problems with the online submissions process or would like copies of the document and issues for consideration emailed to you, please contact us at [email protected]
 This is the Banking Supervision (Bailiwick of Guernsey) Law, 1994 amended as approved in the Policy Letter. Due to the number of amendments involved, it was considered necessary to replace the Banking Supervision (Bailiwick of Guernsey) Law, 1994 rather than creating an amendment Projet.