Investor Protection (Designated Countries and Territories) (Bailiwick of Guernsey) Regulations, 2017

Summary

This Guernsey Statutory Instrument designates a list of countries and territories whose investor protection laws are recognised as adequate for the purposes of section 29(1)(cc) of the Protection of Investors (Bailiwick of Guernsey) Law, 1987. The effect is to create a licensing exemption: persons with a main place of business in a designated country or territory who promote controlled investments to Guernsey-licensed persons in or from within the Bailiwick do not need to hold a licence under the Law for that activity.

• Scope: Applies only to promotion of controlled investments directed at licensees or persons licensed under specified regulatory laws referenced in the Law's definition of regulatory laws.
• Designated countries and territories: A long schedule lists jurisdictions (including the Cayman Islands, British Virgin Islands, United Kingdom, United States, Hong Kong, Singapore, and many others) that are IOSCO Multilateral Memorandum of Understanding signatories and are treated as affording adequate investor protection.
• Effect: Persons based in a listed country or territory carrying on the specified promotion activity are exempt from the requirement to hold a licence under section 1 of the Protection of Investors Law.

The Regulations came into force on 17 October 2017 and are purely a designation instrument; they do not impose ongoing filing, reporting, or notification obligations on regulated entities beyond defining the scope of the licensing exemption.

Applies to

persons promoting controlled investments from a designated country or territory, licensees under the Protection of Investors (Bailiwick of Guernsey) Law, 1987, persons licensed under specified financial regulatory laws

Deadlines

• 17th October, 2017: Commencement date on which the Regulations came into force