Commission consults on the proposed re-issue of statutory instruments

21st April 2021

The Guernsey Financial Services Commission has issued today three consultation papers (“CPs”) seeking views from interested parties as part of the implementation of the Revision of Laws Project. 

The first CP provides for revision to regulations and rules made under the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (the “new Fiduciaries Law”). It is proposed that the Fiduciary Rules, 2020 will be replaced with revised Rules largely mirroring the current Rules but also making new provisions, as required under the new Fiduciaries Law, for the re-categorisation of full fiduciary licensees as primary or secondary licensees. It is also proposed that advertising restrictions applied to Personal Fiduciary Licensees will be repealed and such activity brought under the applicable provisions of the Fiduciary Rules.

The second CP proposes making new rules and guidance under the Protection of Investors (Bailiwick of Guernsey) Law, 2020 for the notification to the Commission of certain activity which is ancillary to controlled investment business. At present such activity requires the granting of a discretionary exemption under the Fiduciary regime. The 2020 Fiduciaries Law introduces a new statutory exemption from licensing for such activity where this has been notified to the Commission under the PoI regime. The proposal will introduce a more streamlined approach with consideration of this investment-related activity under the more appropriate umbrella of the PoI regime.

The third CP relates to the proposed re-issuing and minor amendments necessary to the Commission’s rules due to the revised Supervisory Laws arising from the Revision of Laws Project.  The draft Statutory Instruments do not implement policy change but replicate the current Statutory Instruments with the incorporation of new terminology and, in some cases, the amalgamation of previous Regulations into Rules. 

Respondents are encouraged to submit their comments online using the Commission's Citizen Space Consultation Hub at the following link where copies of the three CPs can also be found:

GFSC Consultation Hub

Responses to the Consultation Papers are sought by 17 June 2021.