‘Minimal change’ to GFSC rules and codes

AN APPROACH of ‘minimal change’ has been taken by the Guernsey Financial Services Commission in updating rules, codes and guidance to accompany revised principle laws dealing with regulation of the Bailiwick’s finance industry.

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The updated rules, codes and guidance come into effect on 1 November, on the same day as the new and amended regulatory laws designed to ensure the Bailiwick can demonstrate its compliance with international standards and ensure access to international markets. The new and amended laws also aim to eliminate inconsistencies between the regulatory laws, said the GFSC, which should help to create efficiencies for industry and the commission.

‘In order to implement effectively the new and amended regulatory laws, in recent months the commission drafted and consulted on revised rules, codes and guidance to accompany them,’ said the commission.

‘With the implementation of the new and amended laws, it has been necessary to conduct a review of the rules, codes and guidance made under the current laws to ensure that the new system of regulation works and that the transition to the new regulatory regime is as easy as possible.

‘Most of the changes are minor in nature and do not set out material policy changes from the previous rules, codes and guidance. This approach of minimal change has the added benefit that it should limit the administrative burden on licensees in needing to make changes to their policies and procedures.’

Consultation was also undertaken by the commission, with responses supportive of its approach towards ensuring all rules, codes and guidance are up to date, accessible and written in plain English.

The GFSC also said the rules were marked as draft but would be made final when the laws come into effect. ‘There will be no further changes to the content of the rules, codes and guidance between now and 1 November 2021,’ it added.

. There is more information about the revised codes, guidance and rules on the GFSC website. Licensees with any questions about the implementation of the new laws and or the revised rules, codes and guidance can email revisionoflaws@gfsc.gg or their usual supervisory contact at the GFSC.

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