Strategy of the Investment Supervisory and Policy Division in respect of the Fund Sector

Announcement

Strategy of the Investment Supervisory and Policy Division in respect of the Fund Sector

During 2016 the Guernsey Financial Services Commission launched the Manager Led Product and the Private Investment Fund.  This marked an intent by the Commission to respond to international challenges, servicing its mission statement of

“Confidence in the Bailiwick: Securing good regulatory outcomes with integrity, proportionality and professional excellence”

 Commissioners have approved an ongoing strategy ensuring that Guernsey is able to offer a suite of products that cover all the requirements of sponsors and their clients, whilst maintaining the simplicity of offering for which Guernsey is renowned.  Accordingly, Quarter 1 of 2017 will see the Commission looking to consult on Rules permitting the Manager Led Product to be marketed worldwide.

In Quarter 2, we will be looking at clarifying the regulatory requirements for products which are not funds and, in particular, giving guidance detailing those which fall outside regulation.  We will be canvassing views from industry on that matter.  In addition, as part of our maintenance of good regulatory standards, we have commenced a review of the Client Asset and Client Money Rules and will be consulting on this in Quarter 3.

We have been very grateful to all who have assisted us in the implementation of our strategy to date and very much look forward to working with industry in this next phase.