Discussion Paper on Proposals to Revise the Bailiwick’s Financial Regulatory Infrastructure for Lending, Credit & Finance (August 2016)

Summary

This is a Discussion Paper issued by the Guernsey Financial Services Commission (GFSC) seeking industry feedback on possible changes to the Bailiwick's regulatory framework for Lending, Credit & Finance (LCF) business. It is a consultative document only, not a binding rule change: it sets out potential proposals for comment and states that responses will be considered by the Commission, which may then publish a Consultation Paper with a more detailed framework.

• Nature: An abridged discussion paper/survey format, with the full Discussion Paper available separately; the Commission explicitly states it is a working document that does not prejudge any final decision by the Commission or the States of Guernsey.
• Consultation window: The consultation opened 26 August 2016 and closed 24 October 2016; as of the source page, the discussion paper period has closed.
• Related materials: Referenced alongside the paper are the Registration of Non-Regulated Financial Services Businesses (Bailiwick of Guernsey) Law, 2008 (NRFSB Law), the AML/CFT Handbook, and a separate LCF Discussion Paper document.
• Target audiences: The Commission lists Consumer, Financial Advisor, Financial Services Business, FinTech, Lending, Credit & Finance Business, NRFSB, and Prescribed Business as the intended audiences for feedback.

Because this is a closed consultation exercise rather than an enacted law or rule, it does not itself create ongoing compliance obligations for firms; any concrete requirements would only arise from subsequent legislation or rules that might follow a Consultation Paper.

Applies to

Lending, Credit & Finance Business, Non-Regulated Financial Services Business (NRFSB), Prescribed Business, Financial Services Business, FinTech, Financial Advisor

Deadlines

• 26 Aug 2016: Discussion Paper consultation opened
• 24 Oct 2016: Discussion Paper consultation closed; responses were due by this date