The Commission is seeking feedback on the provisions of the draft Regulation of Fiduciaries Law specifically whether the amendments may have any unintended consequences or contain fatal flaws.
The engagement paper which the Commission has published sets out the topics upon which assistance is requested and questions regarding unintended consequences and whether there are any significant issues in relation to specific provisions or proposed definitions.
The engagement paper in relation to the amendment to the Regulation of Fiduciaries Law may be found here: https://consultationhub.gfsc.gg/revision-of-laws/draft-regulation-of-fiduciaries-law-2018
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 amendments to the draft Regulation of Fiduciaries Law has already been established. Thus, the Commission is not seeking responses in relation to matters of policy or policy direction.
How to respond
The engagement period for the draft Regulation of Fiduciaries Law runs until midnight on Friday, 11 May 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 the Citizen Space online consultation tool. Please note that it will only be possible to submit responses to this site during the engagement periods, after which the survey function automatically ends and submissions via that platform will no longer be possible. The Citizen Space Consultation Hub can be accessed via this link https://consultationhub.gfsc.gg/
If you have any problems with the online submissions process, please contact us at [email protected].