Consultation Paper on Amendments to the Banking Rules on Accounts, Disclosure & Large Exposures

15th March 2021

The Guernsey Financial Services Commission has issued today a Consultation Paper seeking views from interested parties on proposed Banking Supervision (Accounts, Disclosure and Reporting) Rules and Guidance and amendments to the Commission’s Large Exposure and Upstreaming framework in the form of proposed Banking Supervision (Large Exposure) Rules.

The proposed Accounts, Disclosure and Reporting Rules will clarify the accounting standards that banks incorporated in Guernsey may use and update the existing disclosure requirements they must follow to include the online publication of their financial statements. These proposals are intended to ensure that stakeholders continue to have access to high quality, comparable information regarding the banks they interact with.

The proposed Large Exposure Rules will update the Commission’s large exposure and upstreaming framework to bring it more fully in line with international standards and reduce concentration risk, while making a number of allowances for the nature of the local industry. The proposed new Rules will increase the soundness of the banking sector and protect depositors while retaining some of the flexibility of the current regime.

A copy of the Consultation Paper along with the Draft Rules and Guidance can be found on the Commission’s Consultation Hub here: GFSC Consultation Hub.

Respondents are encouraged to submit their comments online using the Consultation Hub.

Responses to the Consultation Paper are sought by 11 May 2021.