The Financial Services Commission (Bailiwick of Guernsey) Law 1987; as amended (the “Financial Services Commission Law”); and The Protection of Investors (Bailiwick of Guernsey) Law 1987 (the “Protection of Investors Law”)
The Guernsey Financial Services Commission (the “Commission”) issues this notice pursuant to its powers under section 2(2)(e) of the Financial Services Commission Law, and Section 34B(e) of the Protection of Investors Law.
The Guernsey Financial Services Commission (“the Commission”) is aware of an ongoing investigation by other regulatory partners into the global operation of companies linked to the Belvedere Group and related entities. One of the related structures, RDL Management Limited (“RDL”) has recently had its licence suspended by the Financial Services Commission Mauritius (“FSCM”) and administrators appointed. RDL is the sole shareholder of a Guernsey registered licensee. The Commission has been working with the licensee on this matter for some considerable time. The licensee has to date, by way of agreement with the Commission, suspended certain cells of The Global Mutual Fund PCC Limited (the “Fund”), an open-ended investment scheme which was first authorised by the Commission on 26 March 2006. We continue to work closely with the other jurisdictions in this investigation and more details will follow in due course and if appropriate