The Guernsey Financial Services Commission has announced that, following consultation with industry, it has revoked the Non-Guernsey Scheme regime and associated rules.
A Non-Guernsey Scheme is a collective investment scheme that is not established or incorporated in the bailiwick of Guernsey and is not authorised or registered by the Commission.
Director General William Mason (pictured) said: “I am pleased that the Commission has been able to identify an opportunity to deregulate an area of financial services supervision.
"What this means in practice is that licensees will no longer be required to notify the Commission of, and seek prior approval for, a proposal to carry on the activities of management, administration or custody in connection with a specific non-Guernsey collective investment scheme.
"It will, of course, continue to be a requirement that such activities, when conducted by way of business in or from within the bailiwick, are conducted by persons licensed under the Protection of Investors (PoI) Law.”
The Commission says it will continue to monitor the type of investment business undertaken by regulated firms and the risks they pose to the Commission’s core functions, by extending the annual reporting by PoI licensees to include certain information on activities undertaken in respect of investment assets serviced in Guernsey.