The Guernsey Financial Services Commission has published a guide to financial services regulation on the island, which is intended to clarify and explain regulation in a non-legal way. To view or download a copy click here
In the introduction to the publication, Regulatory Framework: A guide to financial services regulation in the bailiwick, the GFSC explains: ‘Regulators such as the GFSC are necessarily creatures of statute. One drawback of statutory backing is that the law is not expressed in easy to understand form. It creates institutions, powers, rights and obligations but there is neither the legislative resource nor time to explain why the regulatory regime has been created, how it is intended to operate and what its scope and limits are.
'This document seeks to help fill that gap. It is intended to clarify and explain regulation in a non-legal way. It does not override the law. It is not set in stone. It is a living document that may be expected to evolve over time.'
The Commission has also taken the opportunity to republish its guide to risk-based supervision in Guernsey, which was first published in April 2016. To view or download a copy click here