April Industry News Round-Up
GIBA’s monthly news round-up keeps you abreast of Guernsey’s latest news affecting the finance sector and our member organisations.
The Guernsey Financial Services Commission Signs MoU with Bank of England
The Guernsey Financial Services Commission (GFSC) and the Bank of England’s Prudential Regulation Authority (PRA) have signed a Memorandum of Understanding as they look to reaffirm their long-standing relationship.
Through the agreement, both parties will be able to share confidential information about regulated entities and formally co-operate on other supervision activities. The move is seen as a positive step for the Bailiwick, underpinning its reputation as a credible operator amongst its associates.
Guernsey Finance to Boost City Connections with London Appointment
A new London representative has been appointed by Guernsey Finance as it steps up its work in the capital and looks to expand its network.
Adrian Norman will be permanently based in London and is tasked with further promoting awareness of Guernsey’s finance offering in addition to educating about the island’s financial services and connecting London professionals with local practitioners.
Insurance Sector Looks to Grow Green Credentials
The Guernsey Financial Services Commission is looking to work with the global insurance industry and other partners as it looks to facilitate green investments and position Guernsey as a leader in the field.
The regulator is examining how it could adjust its approach to regulatory life insurance solvency requirements and is keen to identify how it can enable firms to access long-term investments, which in turn helps insurance companies offer sustainable returns to policyholders.
Guernsey’s Fund Sector Expected to Benefit from Legislative Change
Increased interest in Guernsey’s Private Investment Fund (PIF) is anticipated following a change in its rules and guidance notes.
The PIF is based on a close relationship between investors and managers. The Guernsey Financial Services Commission recently announced the removal of a need for a licensed investment manager to warrant an investor’s ability to sustain a financial loss, replaced by a declaration, which eases the burden on the manager.
GFSC requests feedback on Regulation of Fiduciaries Law
The GFSC is seeking feedback on the provisions of the draft Regulation of Fiduciaries Law, specifically whether the amendments may have any unintended consequences or contain fatal flaws.
The engagement paper, published by the Commission, sets out the topics under consultation, asks questions regarding unintended consequences and whether there are any significant issues in relation to specific provisions or proposed definitions.
The consultation period for the draft Regulation of Fiduciaries Law runs until midnight on Friday, 11 May 2018.
The GFSC is also requesting feedback on the following consultations:
Insurance Regulation Omnibus Consultation – responses due by 29 May
Consultation on Guernsey Green Fund – responses due by 1 June
Consultation on Code of Market Conduct – responses due by 12 June