Bailiwick Mind and Management Consultation Paper
7th February 2022The Guernsey Financial Services Commission has issued today a consultation paper (“CP”) on Bailiwick Mind and Management in relation to the Fiduciary and Investment sectors.
The CP sets out proposals to issue guidance under the Fiduciaries Law1 and the PoI Law2 to clarify that maintenance of local mind and management is a relevant factor in the Commission’s assessment of the prudent conduct of business of a licensee under the minimum criteria for licensing. The Commission expects that licensees will ensure that there is a level of local oversight and management of operations within the Bailiwick commensurate with the scale and nature of the activity carried out.
Respondents are encouraged to submit their comments online using the Commission's Citizen Space Consultation Hub at the following link where a copy of the Consultation Paper can also be found: https://consultationhub.gfsc.gg/
Responses to the Consultation Paper are sought by 21 March 2022.
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1 The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) Law, 2020 (the “Fiduciaries Law”)
2 The Protection of Investors (Bailiwick of Guernsey) Law, 2020 (the “PoI Law”)