Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (Consolidated text)

Summary

This is the primary Guernsey law establishing the licensing and supervisory regime for fiduciary, trust, company administration, foundation, executorship and pension/gratuity scheme businesses, and for individuals acting as company directors, partners or LLP members in these capacities. It is administered by the Guernsey Financial Services Commission (GFSC) and sets out prohibitions on unlicensed activity, licensing categories and criteria, conduct principles, supervisory and information gathering powers, disclosure restrictions, and offences.

• Licensing requirement: No person (other than an exempted Bailiwick body or activity) may carry on, offer to carry on, or hold itself out as willing to carry on any regulated activity in or from the Bailiwick without a fiduciary licence granted by the Commission.
• Regulated activities: Covers formation, management or administration of trusts, companies, partnerships, unincorporated bodies, foundations, and pension or gratuity schemes; acting as trustee, director, partner, LLP member, company secretary, nominee shareholder, registered office provider, foundation official, or executor/administrator of estates.
• Exemptions: Certain activities are carved out of licensing, including directors of companies with an established Bailiwick place of business supplying no other regulated services, directors of listed or majority family-owned companies, lawyers acting as testamentary trustees or executors for Bailiwick-domiciled persons, and individuals holding no more than six non-exempt directorships.
• Ongoing supervisory obligations: Licensed fiduciaries must comply with principles of conduct, Commission directions, rules on accounts and auditors, notification requirements for supervised roles, significant shareholding acquisitions, and annual return obligations, and must retain documents and respond to Commission information requests.
• Enforcement framework: Sets out Commission powers to grant, refuse, condition or revoke licences, appoint skilled persons, obtain information and documents, and issue directions, alongside appeal rights to the Royal Court and Court of Appeal, restrictions on disclosure of information, and offences and penalties for contravention, including for directors and unincorporated bodies.

The law also contains transitional and conversion provisions (including conversion of primary into secondary fiduciary licences), rule making and consultation mechanics, and two schedules setting minimum licensing criteria and defining holding/subsidiary company relationships. It has been amended multiple times since 2020, most recently by 2023 and 2024 regulations, and this consolidated text reflects those amendments though it is not itself the authoritative legal text.

Key obligations

• Persons carrying on regulated fiduciary, administration, directorship, executorship, foundation or pension scheme activities in or from the Bailiwick must hold a fiduciary licence granted by the Commission before doing so.
• Licensed fiduciaries must comply with the principles of conduct prescribed by the Commission.
• Licensed fiduciaries and applicants must supply information the Commission reasonably requires to assess compliance with the minimum criteria for licensing.
• Persons must notify the Commission of, and the Commission may object to, holders of approved and vetted supervised roles.
• Licensed fiduciaries must notify the Commission of any change in the holder of a supervised role.
• Persons must notify the Commission on acquisition of a significant shareholding in a licensed fiduciary.
• Licensed fiduciaries must comply with rules as to accounts, notify the Commission in respect of auditors, and facilitate communications and meetings between auditors/actuaries and the Commission.
• Licensed fiduciaries must file an annual return in accordance with rules made under the Law.
• Persons subject to information requests under section 26 must produce documents and information as required and must not falsify documents during an investigation.
• Documents relevant to compliance must be retained as required by the Commission's rules.
• Persons must comply with any directions issued by the Commission under section 11.
• Documents submitted to the Commission must be submitted in electronic form and by electronic means where required.

Applies to

licensed fiduciaries, administration businesses, company directors, corporate and individual trustees, foundation officials, company or corporate secretaries, nominee shareholder providers, partners and LLP members, executors and estate administrators, pension and gratuity scheme administrators, auditors of licensed fiduciaries

Related documents

• This document amends Companies (Guernsey) Law, 2008 (Consolidated text)
• This document amends Disclosure (Bailiwick of Guernsey) Law, 2007 (Consolidated text)
• This document amends Foundations (Guernsey) Law, 2012 (Consolidated text)
• Financial Crime Returns Rules, 2026 is made under this document
• Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 (Consolidated) amends this document
• Regulation of Fiduciaries etc (Bailiwick of Guernsey) (Amendment) Regulations, 2023 amends this document
• Financial Crime Returns Rules, 2023 (Guernsey Statutory Instrument No. 19) is made under this document
• Regulation of Fiduciaries etc (Bailiwick of Guernsey) (Amendment) Regulations, 2023 is made under this document
• Financial Crime Returns Rules, 2025 is made under this document