Spring Green Consultation Paper (March 2021)

Summary

This is a GFSC consultation paper (the 'Spring Green' paper, March 2021) seeking feedback on proposed amendments to the Guernsey Green Fund (GGF) Rules, and reporting on feedback received to an earlier Fund Growth Omnibus Discussion Paper. It does not itself change the rules; it invites comment on draft amendments before any rule change is made.

• Monitoring frequency: Proposes to amend Rule 6 of the GGF Rules so designated administrators must monitor a Guernsey Green Fund against notified green criteria and investment criteria at least monthly for open ended schemes and at least quarterly for closed ended schemes, replacing the current blanket monthly requirement.
• Disclosure exemption for listed funds: Proposes inserting a new provision after Rule 8(1)(g) so that Rules 8(1)(a) and 8(1)(d) disclosure requirements would not apply to a Guernsey Green Fund listed on a recognised stock exchange where commensurate disclosure is made via a stock exchange announcement.
• EU Taxonomy feedback: Reports that respondents to the earlier Discussion Paper supported adding the EU Taxonomy for Sustainable Finance as an additional alternative green criterion under the GGF Regime; the Commission will monitor the Taxonomy's final form and UK developments before proceeding.
• Green Verifier licence proposal dropped: Notes that the proposal to create a Green Verifier licence category under the Protection of Investors Regime was not supported by a majority of respondents and will not be pursued further.

The consultation is open for eight weeks and invites written responses via the Commission's Consultation Hub; after the consultation closes the Commission will collate responses and issue feedback before deciding whether to finalise the rule amendments.

Key obligations

• Interested parties wishing to comment must submit responses through the Commission's Consultation Hub by the stated deadline

Applies to

Guernsey Green Fund managers, designated administrators of Guernsey Green Funds, closed ended and open ended investment schemes under the GGF Regime, licensees under the Protection of Investors Regime

Deadlines

• 5 May 2021: Deadline for submitting responses to the Consultation Paper via the Commission's Consultation Hub
• 8 weeks from publication: Period during which the consultation remains open before closing