The Commission announces updated Prospectus Rules

Following consultation with industry earlier this year, the Guernsey Financial Services Commission is announcing updates to the Prospectus Rules. 

The updated Prospectus Rules, 2025, which will come into effect on 1 July 2025, aim to provide enhanced clarity and to standardise some requirements to ensure that the Bailiwick’s investment and funds proposition is as accessible and as simple to use as possible, whilst continuing to accord with international standards on investor protection.

Key changes include, for promotions of Category 2 Controlled Investments, exempting Professional Investors from scope and raising the prospectus registration offer threshold from 50 to 200 non-Professional Investors. Material exemptions will also apply to prospectuses of Registered Collective Investment Schemes listed or traded on the London Stock Exchange. The changes will help facilitate new business opportunities, including the raising of capital by Guernsey entities and also the raising of capital within the Bailiwick by entities located elsewhere.

The changes respond to industry representations and an internal review, which included a benchmarking of the Bailiwick’s prospectus regime against recognised international standards, and follow a comprehensive consultation process on the proposed changes.  

Prospectuses issued under the 2021 Rules will be unaffected by the changes, but any new, updated or replaced prospectuses will need to comply with the requirements of the 2025 Rules.

Director General, William Mason commented, “This is part of our ongoing programme to ensure that our rules and regulations are as simple and easy to use as is compatible with consumer and investor protection.”

For more information, please see the Consultation feedback statement and the Prospectus Rules and Guidance, 2025.