Commission to deregulate Non-Guernsey Scheme regime11th May 2021
The Commission has today announced that following consultation with industry, it has revoked the Non-Guernsey Scheme regime and the associated rules.
A Non-Guernsey Scheme is a collective investment scheme that is not established or incorporated in the Bailiwick of Guernsey and is not authorised or registered by the Commission.
Commenting on the decision, the Commission’s Director General, William Mason said: “I am pleased that the Commission has been able to identify an opportunity to deregulate an area of financial services supervision. What this means in practice is that licensees will no longer be required to notify the Commission of, and seek prior approval for, a proposal to carry on the activities of management, administration or custody in connection with a specific non-Guernsey collective investment scheme. It will, of course, continue to be a requirement that such activities, when conducted by way of business in or from within the Bailiwick, are conducted by persons licensed under the Protection of Investors (PoI) Law.”
The Commission will continue to monitor the type of investment business undertaken by regulated firms and the risks they pose to the Commission’s core functions, by extending the annual reporting by PoI licensees to include certain information on activities undertaken in respect of investment assets serviced in Guernsey.