Regulation of Fiduciaries etc (Bailiwick of Guernsey) (Amendment) Regulations, 2023

Summary

This instrument amends section 3(1) of the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 by adding new categories of activity that are exempted from the licensing requirements of that Law. It does not create new licensing obligations; rather it narrows the scope of regulated activity by excluding certain director roles from the definition of activities requiring a fiduciary licence.

• States owned companies: Acting as director of a company wholly beneficially owned by the States of Guernsey, the States of Alderney or the Chief Pleas of Sark, or any committee of them, is now exempt.
• Deposit Compensation Board: Acting as a member of the Guernsey Banking Deposit Compensation Board is now exempt.
• Regulated financial companies: Acting as director of a company undertaking banking, insurance or investment activities supervised by an authority that is a signatory to IOSCO's Multilateral Memorandum of Understanding is exempt.
• Fund connected companies: Acting as an individual director (or director of the general partner) of a company connected to an authorised or registered collective investment scheme is exempt, provided the company is administered by the same person who is the scheme's designated administrator and is subject to AML/CFT requirements supervised by the Commission, with that administrator required to ensure the company's compliance.

The amendment came into force on 8 July 2023, having been made on 5 June 2023 by the Policy and Resources Committee under powers in the 2020 Law. Its practical effect is to remove certain director roles connected to government owned entities, regulated financial groups, and fund structures from the scope of licensable fiduciary activity.

Key obligations

• Where relying on the new fund-connected company exemption, the designated administrator (P) must ensure the connected company complies with the applicable anti-money laundering and countering the financing of terrorism requirements supervised by the Commission.

Applies to

fiduciaries, company directors, administration businesses, designated administrators of collective investment schemes, companies wholly owned by the States of Guernsey, Alderney or Chief Pleas of Sark, companies undertaking banking, insurance or investment activities

Deadlines

• 8th July, 2023: Coming into operation date of the Amendment Regulations.

Related documents

• This document amends Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (Consolidated text)
• This document is made under Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (Consolidated text)