As part of Guernsey's Revision of Laws Project, the States of Deliberation has published draft legislation which will amend Guernsey's existing regulatory laws across the banking, fiduciary, insurance and investment sectors.
The draft legislation seeks to clarify the supervisory and enforcement roles of the Guernsey Financial Services Commission (the "GFSC") across these sectors. It also seeks to codify the GFSC's powers of detection, investigation, prosecution and sanctioning (civil, criminal and administrative) of contraventions of the provisions of the relevant supervisory laws by persons carrying on regulated business, licensees and others.
Given the scale and ambition of the Revision of Laws Project, there may be industry feedback resulting in further changes to the proposed legislation. We will keep you abreast of any developments.
For additional information on the draft legislation, please follow the links below:
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