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Guernsey's new regulatory, supervisory and enforcement legislation came into force on 1 November
The long-running Revision of Laws project (Revision of Laws) has now reached culmination. On 1 November 2021, the following new laws came into effect:
• the Protection of Investors (Bailiwick of Guernsey) Law, 2020 (here);
• the Banking Supervision (Bailiwick of Guernsey) Law, 2020 (here);
• the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) Law, 2020 (here); and
• the Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 (here).
Amendments to the Insurance Business (Bailiwick of Guernsey) Law, 2002 and the Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002 have also been approved by the States, again with a commencement date of 1 November 2021.
In addition, on 6 October 2021 the Commission published the finalised draft revised rules, codes and guidance that accompany the introduction of the revised principal Laws (here). These were the subject of industry consultation and also came into force on 1 November 2021.
Latest Updates from our legal teams
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The long-running Revision of Laws project is about to reach its culmination.
On 1 November 2021, the new regulatory, supervisory and enforcement laws will come into effect, together with the underlying Rules, Codes and Guidance.
It is fair to say that there is a lot which is familiar in the new legislation. However, there are also changes. This is more than a consolidation.
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One of the reasons for updating the regulatory and supervisory laws (regulatory laws) and introducing a separate enforcement powers law, is to create efficiency by 'standardising' across the industry sectors, ie investment, fiduciary, banking and insurance.
We look at some of the universal changes that standardise and align the new regulatory laws.
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What are the most notable changes that have been made to Guernsey's new regulatory and supervisory legislation across the industry sectors?
We take a closer look at certain changes that have been made across the industry sectors; some of which are new provisions and others which have been substantially rewritten.
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From 1 November 2021 the following laws came into force, and are effective:
• the Banking Supervision (Bailiwick of Guernsey) Law, 2020 (the 2020 Banking Law) and
• the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) Law, 2020 (the 2020 Fiduciaries Law).
What changes do these make to Guernsey's new banking and fiduciaries legislation?
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The Protection of Investors (Bailiwick of Guernsey) Law, 2020 (the Law) came into force on 1 November 2021.
Here we highlight certain aspects of the Law relevant to collective investment schemes (funds).
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The Guernsey Financial Services Commission has published its updated Explanatory Notes accompanying the enforcement legislation
We outline some of the key changes made to the enforcement regime by the new Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 (the New Enforcement Law).
The New Enforcement Law applies to all enforcement action, including anything commenced before 1 November 2021.
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In keeping with the States of Guernsey's policy of consolidating the enforcement powers into one law, the provisions concerning sanctions are now all found in the New Enforcement Law, rather than spread across the industry-specific laws.
However, the changes are more expansive than a simple consolidation; the enforcement and sanctions regime is now more far-reaching. Further, the New Enforcement Law gives the Guernsey Financial Services Commission (the Commission) wider powers to police enforcement itself.
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About Mourant
Mourant is a law firm-led, professional services business with over 60 years' experience in the financial services sector. We advise on the laws of the British Virgin Islands, the Cayman Islands, Guernsey, Jersey and Luxembourg and provide specialist entity management, governance, regulatory and consulting services.
