The Licensees (Conduct of Business) Rules 2016 (Amendment) Rules 2017

Summary

This instrument amends the Licensees (Conduct of Business) Rules 2016, made under the Protection of Investors (Bailiwick of Guernsey) Law, 1987. It was made on 3 March 2017 and took effect on 6 March 2017. The amendment inserts new transitional and revocation provisions into the principal rules rather than changing day-to-day conduct requirements.

• Transitional derogations: Any exclusion or modification of a licensee's liability or obligation previously granted under the Licensees (Conduct of Business) Rules 2014 is deemed to carry over as an exclusion or modification under the 2016 Rules once they come into operation, unless already amended or withdrawn.
• Retrospective effect: This carry-over of derogations is expressly stated to have retrospective effect.
• Revocation of 2014 Rules: The Licensees (Conduct of Business) Rules 2014 are formally revoked, with the revocation backdated to the date the 2016 Rules originally came into operation.

The changes are largely technical, ensuring continuity of existing licensee derogations and formally closing out the superseded 2014 rules; they do not introduce new substantive conduct of business standards.

Key obligations

• Licensees relying on a derogation (exclusion or modification of liability/obligation) granted under the 2014 Rules should treat that derogation as continuing to apply under the 2016 Rules unless it has been amended or withdrawn.

Applies to

Licensees conducting investment business under the Protection of Investors (Bailiwick of Guernsey) Law, 1987

Deadlines

• 6 March 2017: Date on which the Licensees (Conduct of Business) Rules 2016 (Amendment) Rules 2017 come into operation.