Consultations

The Guernsey Financial Services Commission has today issued feedback on comments received on its proposals to amend the framework underlying the Insurance Business (Bailiwick of Guernsey) Law 2002 (the “Law”) with the making of rules for Special Purpose Insurers and a related, minor amendment to the Insurance Business (Solvency) Rules 2015. The final version of the Insurance Business (Special...

The Commission is today issuing a consultation paper on revisions to the Code of Conduct for Authorised Insurance Representatives. The proposed Code clarifies the minimum standards expected to be met by an authorised insurance representative and takes into account current trading methodologies and rapidly changing and developing customer behaviours. Responses to the consultation which can be found...

The Commission is today issuing a consultation paper on proposals for the implementation of a new regulatory liquidity framework for banks. The proposed framework establishes a revised minimum regulatory liquidity requirement for Guernsey incorporated banks, consistent with the Basel Committee’s Basel III standard, along with revised liquidity reporting requirements for all banks. Basel III...

The Commission is today issuing a consultation paper on proposed rules for Special Purpose Insurers. These rules will serve to codify the Commission’s existing practice in relation to Insurance Linked Securities and, in particular, entities conducting collateralised reinsurance. Responses to the consultation which can be found via this link are sought by Friday 11 November 2016.

The Guernsey Financial Services Commission is consulting on proposals to introduce a regime for private investment funds. Background This consultation is the evolution of discussions held by the Investment Supervision and Policy Division and industry, commencing with the Manager-Led Product. These discussions acknowledged a gap in the current suite of investment products within the Bailiwick...

The Commission is today issuing a discussion paper seeking feedback on a number of regulatory proposals for firms involved in lending, credit and finance. Please click here for a copy. The Bailiwick does not currently have consumer lending and credit regulation. The Commission is concerned that this may lead to consumers being at risk of not being treated appropriately and a lack of certainty with...

The Commission today launches a consultation paper (please click here for a copy) on its proposals for increases in the 2017 licence fees paid by firms. The consultation period will close on Wednesday 31 August. An overall blended rate of increase of 2%, including anomalies, is proposed for 2017. Commission Chairman, Cees Schrauwers, said “ This will be the fifth year in succession where the...