The draft Uncertificated Securities (Guernsey) Regulations, 2007 are available using this link. (PDF, 329 Kb)
The draft regulations will be made under sections 1, 2 and 3 of the Uncertificated Securities (Enabling Provisions) (Guernsey) Law, 2005. Their purpose is to provide an explicit framework for title to securities to be evidenced and transferred by means of a computerised settlement system without a written instrument. In this regard, the regulations will provide a framework under which the Commission may authorise local operators of computerised settlement systems and recognise foreign operators of computerised settlement systems which are active locally. Any fees charged by the Commission under section 45 of the regulations will be subject to separate consultation. There is no intention to charge fees in the near future.
Legislation with similar effect is in force in the UK, Eire, Jersey and the Isle of Man. In order to put the regulations into context, under the UK’s legislative framework, the Financial Services Authority recognises and supervises CRESTCo Limited and LCH Clearnet Limited as clearing houses, and recognises and supervises Envex Clearing AG and SIS x-clear AG as overseas clearing houses. The Jersey Financial Services Commission has recognised CRESTCo Limited under the Jersey legislation.
Any comments on the draft regulations are requested by the close of business on 27 March, 2007. Please note that copies of all responses will be provided to the States Commerce and Employment Department.
Director of Policy and International Affairs