Reminder to submit an assurance statement under the Finance Sector Code of Corporate Governance by companies licensed since 31 July 2012

The Commission would remind all companies which hold a licence from the Commission, issued after 31 July 2012 under the regulatory laws or which are registered or authorised as collective investment schemes (“funds”) under 1. below that an assurance statement under the Finance Sector Code of Corporate Governance ("the Code") must be submitted to the Commission on the first anniversary of the date on which they were licensed.

The regulatory laws are:

1. the Protection of Investors (Bailiwick of Guernsey) Law, 1987;

2. the Banking Supervision (Bailiwick of Guernsey) Law, 1994;

3. the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) Law, 2000;

4. the Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002.

The Code does not cover entities licensed under the above Laws which are Guernsey branches of foreign domiciled companies or which are partnerships and the Code does not apply to any underlying SPVs or investment holding companies of funds.

Licensees who submitted an assurance statement during the period ending 31 July 2012 are, for the time being, NOT required to submit an assurance statement to the Commission.

Please refer to the news items which were published on 8 May [link removed, please see March 2012 update instead] 20 July and 21 December 2012 and the Code for further information.