Draft Protection of Investors (Bailiwick of Guernsey) Law, 2018 - Consultation Survey (2018-03-22)

Summary

This is a consultation survey issued by the GFSC seeking industry feedback on the draft Protection of Investors (Bailiwick of Guernsey) Law, 2018. It sets out ten key issues in the draft law and asks respondents whether they foresee unintended consequences arising from each proposed power or definition. No obligations are imposed by this document itself; it is a request for comments on proposed legislation.

• Ancillary vehicles: New Commission power to make rules on notification of ancillary vehicles of collective investment schemes, which would then be exempt from fiduciary licensing.
• Status declarations: Power for the Commission to declare the status of schemes, activities and investments.
• Directions power: New power to impose directions on a broadly defined 'directed person', going beyond existing conditions powers.
• Published information lists: Explicit power to publish more extensive lists of licensees and authorised/registered collective investment schemes than currently published.
• Information gathering: Power to obtain information from a broadly defined 'relevant person' under section 33.
• Meetings with auditors/actuaries: Power for the Commission to request bilateral or joint meetings with auditors, actuaries and others connected to licensees or schemes.
• Skilled person appointments: Standardised power to appoint a skilled person in relation to an 'inspected person', replacing the current independent professional person mechanism.
• Supervised roles: Introduction of Approved, Vetted and Notified Supervisory Roles, requiring licensees to notify the Commission of appointments/cessations, and requiring 'no objection' applications for Approved or Vetted roles.
• Decision making and appeals: Standardisation of 'minded to' notices, decisions, reasons and appeal rights, plus a new restriction on applications to vary or revoke certain specified decisions.

The survey invites general comments on any other unintended consequences or significant issues arising from the draft law, referencing specific paragraph numbers. As a draft consultation, none of the proposed powers are yet in force.

Applies to

licensees, fiduciaries, collective investment schemes (authorised and registered), auditors, actuaries, skilled persons/inspected persons, directed persons, relevant persons