Specific Discretionary Exemptions from the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (“the Fiduciary Law”)1st August 2022
Please be reminded that specific discretionary exemptions granted after 1 October 2019 were given a three year expiry date, in accordance with the Notice published on the Commission’s website on 1 October 2019. The relevant expiry date is detailed on each discretionary exemption letter granted thereafter. Discretionary exemptions granted or renewed after this date will begin to expire from October 2022.
Written renewal requests must be submitted, at least one month prior to the expiry date stated on the relevant discretionary exemption letter, for entities continuing to require a discretionary exemption which was granted after 1 October 2019. Such requests should be submitted to [email protected] and should contain the following:
- Confirmation that, other than what has already been notified to the Commission, there has been no change to the information contained within the initial application form including, but not limited to, information regarding parties to the structure(s), undertakings provided by the Administrator, where required, and the activities covered by the specific discretionary exemption.
- Confirmation that the exempt entity has been administered in line with the Administrator’s AML/CFT requirements.
Where there has been a material change to the structure, a new application form and fee must be submitted to [email protected] by no later than one month before the expiry date.
If the exemption is no longer required, please confirm this to the same email address.
Please note that if neither a renewal request nor a new application is received by the Commission by the expiry date, the relevant discretionary exemption will automatically expire on the expiry date stated on the exemption letter and the entity may be in breach of the Fiduciary Law if it continues to act.