The Guernsey Financial Services Commission has issued the following statement:
On Friday 10 September, the States of Deliberation approved the necessary ordinances to bring into effect the revision of the five principal laws dealing with the regulation of financial services business in the bailiwick as part of the Commission’s Revision of Laws project.
The passing of the commencement ordinances means that the following regulatory laws will come into effect on 1 November:
• The Protection of Investors (Bailiwick of Guernsey) Law, 2020
• The Banking Supervision (Bailiwick of Guernsey) Law, 2020
• The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020
It will also mean that the amendments to the Insurance Business (Bailiwick of Guernsey) Law, 2002, and the Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002, will come into effect on the same date.
In order to implement effectively the new regulatory laws, the Commission has drafted and consulted on revised rules, codes and guidance to accompany the new laws.
Most of the changes are minor in nature and do not set out any material policy changes from the previous rules and guidance.
The Commission is considering feedback received as part of the consultation process and will publish the revised rules and guidance on 6 October.