Discussion Papers on Ancillary Vehicles and the New Fiduciary Licence Categorisation

The Commission has issued 2 discussion papers (DP’s) on proposals concerning rules to be made following the approval of the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (the “2020 Fiduciaries Law”) and the Protection of Investors (Bailiwick of Guernsey) Law, 2020 (the “2020 PoI Law”).

The first DP proposes making rules and guidance under the 2020 PoI Law for the notification to the Commission of certain activity which is ancillary to controlled investment business. At present such activity requires the granting of a discretionary exemption under the Fiduciary regime. The 2020 Fiduciaries Law introduces a new statutory exemption from licensing for such activity where this has been notified to the Commission under the PoI regime.

The second DP proposes making rules around the re-categorisation of fiduciary licensees as primary and secondary licensees as opposed to lead and joint licensees. Whilst the Commission previously had dialogues with fiduciary licensees and the industry body on this subject, the DP seeks to obtain views and feedback specifically on the proposed definition of “actively trading”.

Respondents are invited to submit their comments by 5 October 2020 using the Commission’s Consultation Hub which can be found here: https://consultationhub.gfsc.gg/

To view this notification in full, please click here.

For further information or guidance, please contact the team at Aspida via info@aspidagroup.com

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