Future-proofing Guernsey’s finance sector

The new and amended regulatory laws, rules, codes and guidance relating to the Commission’s Revision of Laws project come into effect today and can be found on the Commission’s website here.

The Commission undertook extensive public consultation and engagement on revising the Bailiwick’s supervisory and regulatory laws with the aim of maintaining a respected regulatory regime for financial services thereby maintaining the Bailiwick’s international ‘licence to operate’.

The new and amended regulatory laws offer industry more coherent legislation by removing inconsistencies across sectors. Also, so far as is possible, they “future-proof” the Bailiwick’s regulatory and supervisory regime by including enabling provisions that allow for the later development of new regimes and products. This should allow the Bailiwick to respond quickly and appropriately to the pace of change in the global finance industry.

If licensees have any questions about the implementation of the new and amended laws, they should email [email protected] or their usual supervisory contact.

The previous supervisory laws and accompanying rules, codes and guidance will be archived on the Commission’s website here. There are no changes in the new regulatory laws relating to Prescribed Businesses and Non-Regulated Financial Services Businesses.

Speaking about the Revision of Laws project, the Commission’s Director General, William Mason, said “The Commission wishes to extend its thanks to industry, the States and the Law Officers’ Chambers for working with us to introduce the revised legislation to ensure that the Bailiwick continues to meet international regulatory standards.  These new laws will help us collectively ensure that the Bailiwick  remains a well-regulated and attractive jurisdiction for financial services business.”

Chairman of the Commission, Drs Cees Schrauwers, added: “A good business climate requires the close cooperation of all parties involved working towards achieving the same objective. The Revision of Laws project is an example of that. It has been delivered with assistance from industry and government united in the aim of helping reduce barriers to growth in the Bailiwick through a rewrite and simplification of the regulatory framework. The Revision of Laws project recognised the need for the Bailiwick to constantly evolve to enable it to remain competitive and thrive and the resulting new and amended regulatory laws should enhance the Bailiwick’s reputation as a good jurisdiction in which to do business.”