As we put the gloom of January behind us we can welcome in February with a spring in our step as we are presented with a major financial services industry consultation from the GFSC. This consultation is so major it is actually two consultations for the price of one!
The consultations are about changes to the Protection of Investors Law, the 1987 law that helped to make the investment part of the financial services industry in Guernsey what it is today. So it’s definitely worth having a look and giving your feedback.
Importantly to all sections of the financial services industry, the definitions to be used in the POI Law will impact ‘all supervisory laws’. So this consultation, if only the definitions part, should be read and considered whatever section of the GFSC regulates you.
As to the consultation itself (or engagement as the GFSC is calling it) let’s leave it said in the Commission’s own words:
The Commission is seeking feedback on the provisions of the draft Protection of Investors Law and the definitions which are proposed to be used across the revised supervisory laws and specifically whether these may have any unintended consequences or contain fatal flaws.
The engagement papers which the Commission has published set out the topics upon which assistance is requested and questions regarding unintended consequences and whether there are any significant issues in relation to specific provisions or proposed definitions.
The engagement paper in relation to the amendment to the Protection of Investors Law may be found here: https://consultationhub.gfsc.gg/revision-of-laws/draft-protection-of-investorsdraft-protection-of-investors.
The engagement paper in relation to the amendment to the proposed definitions may be found here: https://consultationhub.gfsc.gg/revision-of-laws/revision-of-laws-definitionsrevision-of-laws-definitions.
We encourage you to look at these consultations and respond via the on line surveys. These can all be accessed via the GFSC’s website and we would encourage you to follow this link to the consultation on the GFSC’s website. Once you click through to actual survey you will find the proposed changes to the law and the definitions on the first page of the respective survey.
Once the new rules and definitions are in place, Active Group will be well placed to assist you in bringing your compliance manuals and compliance monitoring programme up to date. Click here to see more about how we can help you.