Banking Supervision (Deposit Advertisements and Communications to the Commission) Rules, 2021

Summary

These Rules, made by the Guernsey Financial Services Commission under the Banking Supervision (Bailiwick of Guernsey) Law, 2020, govern deposit advertisements in the Bailiwick and set out when auditors and others must report matters of concern to the Commission. They replace the comparable sections of the 1994 Banking Supervision Regulations and are a re-draft under the Commission's Revision of Laws Implementation Project rather than a substantive policy change.

• Deposit advertisements: Any person other than a licensed institution who wishes to advertise deposits in the Bailiwick must first obtain written permission from the Commission, which may attach conditions; all deposit advertisements, whether from licensed institutions or others, must conform to the Code of Conduct of the Association of Guernsey Banks.
• Reporting to the Commission: Auditors, or other persons described in section 35(1) of the Law, must communicate to the Commission if they have reasonable cause to believe that a Schedule 2 criterion has not been fulfilled by a licensed institution, or that circumstances are materially relevant to the Commission's functions; this duty extends to former licensed institutions.
• Commission discretion: The Commission may, by written notice to a licensee, exclude or modify the application of any provision of these Rules, and may issue supplementary guidance (which does not itself have the status of rules).
• Amendments and commencement: Regulations 2 and 3 of the Banking Supervision (Bailiwick of Guernsey) Regulations, 1994 are revoked, and these Rules came into force on 1 November 2021.

Key obligations

• A person other than a licensed institution wishing to advertise deposits in the Bailiwick must obtain prior written permission from the Commission before doing so.
• All deposit advertisements, whether issued by a licensed institution or another person, must conform to the Code of Conduct of the Association of Guernsey Banks.
• Auditors, or other persons described in section 35(1) of the Law, must communicate to the Commission when they have reasonable cause to believe a Schedule 2 criterion under the Law is not or has not been fulfilled for a licensed institution (or former licensed institution), or that circumstances are likely to be materially relevant to the Commission's functions.

Applies to

licensed institutions, former licensed institutions, auditors of licensed institutions, persons advertising deposits in the Bailiwick

Deadlines

• 1st November 2021: Date on which these Rules come into force.

Related documents

• This document is made under Banking Supervision (Bailiwick of Guernsey) Law, 2020
• This document amends Banking Supervision (Bailiwick of Guernsey) Regulations, 1994