Consultation Paper on the Codes and Guidance Documents proposed to be re-issued under the supervisory laws (June 2021)

Summary

This is a consultation paper issued by the Guernsey Financial Services Commission (GFSC) in June 2021, seeking industry feedback on proposals to re-issue and update a large suite of Codes and Guidance Documents to align with new and amended supervisory laws: the Protection of Investors (Bailiwick of Guernsey) Law 2020, the Banking Supervision Law 2020, the Regulation of Fiduciaries, Administration Businesses and Company Directors Law 2020, the Financial Services Business (Enforcement Powers) Law 2020, and forthcoming amendments to the Insurance Business Law 2002 and the Insurance Managers and Insurance Intermediaries Law 2002. It is a draft, non-binding document that does not itself change requirements but previews changes expected once the new laws take effect.

• Scope of review: The Commission reviewed 39 existing Codes and Guidance Documents (listed in Appendix 1) covering investment business, fiduciary/trust services, banking, and insurance sectors, to ensure the regulatory framework continues to function correctly once the new laws commence.
• Re-issuance proposals: Most reviewed documents are proposed to be re-issued with updated terminology and cross-references to align with the New and Amended Laws, while minimising substantive changes to reduce administrative burden on licensees.
• Withdrawals: Some existing guidance documents are proposed to be withdrawn as obsolete, and are listed separately in the paper.
• No-change items: A number of codes and guidance notes (e.g. Principles of Conduct of Finance Business, several insurer-specific guidance notes, and certain banking guidance) are identified as not requiring amendment as a result of the new laws.
• Related consultations: This paper is described as complementary to a separate 21 April 2021 consultation on re-issuing Statutory Instruments (rules) under the same New and Amended Laws, and to a forthcoming separate consultation on annual review/compliance requirements for banks.

The paper invites written feedback from all interested parties, including licensees and their advisers across the affected sectors, via the Commission's Consultation Hub. No final decisions have been made; the Commission states the paper does not prejudge any outcome.

Key obligations

• Interested parties wishing to comment must submit feedback via the Consultation Hub section of the Commission's website by the stated response deadline.

Applies to

licensees under the Protection of Investors (Bailiwick of Guernsey) Law, fiduciaries, administration businesses and company directors, banks, insurers (including special purpose insurers and non-special purpose insurers), insurance managers and insurance intermediaries, authorised insurance representatives and financial advisors, collective investment scheme operators, managers, custodians and depositaries, investment fund administrators and licensees under investment business rules

Deadlines

• 26 July 2021: Deadline for responses to this Consultation Paper on the Codes and Guidance Documents proposed to be re-issued.
• 17 June 2021: Closing date for the related, separate 21 April 2021 consultation on re-issuing Statutory Instruments under the New and Amended Laws (referenced as complementary context, not the subject of this paper).