Notice of Modification of the Licensees (Capital Adequacy) Rules, 2021 (2022-11-03)

Summary

This is a notice issued by the GFSC under its power in rule 1.1(2) of the Licensees (Capital Adequacy) Rules, 2021 to modify or exclude application of specific rule provisions. It modifies rule 5.1(2) for a narrow category of fund-related licensees, disapplying part of the capital adequacy adjustment calculation for them.

• Who qualifies: A licensee with no physical presence in the Bailiwick, that is administered by another licensee in the Bailiwick, and that acts as general partner, manager or investment adviser of a collective investment scheme authorised or registered under the Protection of Investors (Bailiwick of Guernsey) Law, 2020.
• What changes: Paragraph (c) of the definition of 'adjustments' in rule 5.1(2) of the Licensees (Capital Adequacy) Rules, 2021 no longer applies to such a licensee, reducing the capital adequacy adjustments it must otherwise calculate.

The modification takes effect from the date of issue, 3 November 2022, and applies only to licensees meeting all three criteria set out above.

Applies to

licensees under the Licensees (Capital Adequacy) Rules, 2021, general partners, managers or investment advisers of collective investment schemes authorised or registered under the Protection of Investors (Bailiwick of Guernsey) Law, 2020, with no physical presence in the Bailiwick and administered by another Bailiwick licensee

Deadlines

• 3 November 2022: Date of issue from which the modification of rule 5.1(2) takes effect