Guernsey Regulator Introduced Consultation on the Proposed Introduction of the AIFMD (Marketing) Rules, 2013

Guernsey Financial Services Commission introduced consultation paper is the first of two planned Commission consultations to facilitate the requirements of Directive 2011/61/EU on Alternative Investment Fund Managers (“the Directive”) into the local regulatory regime so as to enable regulated entities flexibility in their product strategy with respect to fund management and marketing business within the European Union or any state in the European Economic Area in which the Directive has been implemented.

Whilst recognising that some entities will fall outside the scope of the Directive, from July 2013, local entities will be permitted to market non-EU funds to investors in Member States through the Member States’ private placement regimes, as long as they fulfil certain transparency requirements and disclosures and regulatory co-operation arrangements are concluded between the Commission and the EU securities regulators in accordance with Article 42 of the Directive.

 

The AIFMD (Marketing) Rules, 2013 are proposed, to ensure that collective investment schemes and fund managers established in the Bailiwick of Guernsey who wish to market into the EEA meet the requirements of Articles 42 and 43 of the Directive. 

Please click here for the Consultation Paper; The AIFMD (Marketing) Rules, 2013 and Form AIFM.

Guernsey Regulator Consultation on Changes to AML/CFT Regulations and Handbooks

The Guernsey Financial Services Commission has written to the managing directors of all financial services businesses, seeking comments on proposed changes to the Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulations, 2007 (the “Regulations”), the Handbook for Financial Services Businesses on Countering Financial Crime and Terrorist Financing (the “Handbook”), schedules 1 and 2 to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999 (the “1999 Law”) and schedule 1 to the Registration of Non-Regulated Financial Services Businesses (Bailiwick of Guernsey) Law, 2008 (the “2008 Law”).

 

A copy of the proposed amendments to the FSBs Regulations highlighted in purple are available here.

 

A copy of the proposed amendments to the FSBs Handbook highlighted in red are available here.

 

A copy of the proposed amendments to schedules 1 and 2 to the 1999 Law highlighted in blue are available here.

 

A copy of the proposed amendments to schedule 1 to the 2008 Law highlighted in blue are available here.

 

The Commission has also written to the managing directors/partners of prescribed businesses seeking comments on the proposed changes to the Criminal Justice (Proceeds of Crime) (Legal Professionals, Accountants and Estate Agents) (Bailiwick of Guernsey) Regulations, 2008 (the “PB Regulations”) and the Handbook for Legal Professionals, Accountants and Estate Agents on Countering Financial Crime and Terrorist Financing (the “PB Handbook”).

 

A copy of the proposed amendments to the PB Regulations highlighted in blue are available here.

 

A copy of the proposed amendments to the PB Handbook highlighted in red are available here.

Guernsey's New Sanction Measures against Iran

The States of Guernsey has adopted new sanction measures against Iran.  The new sanctions carry forward the existing sanctions, introduce additional categories or persons as being subject to asset freezing provisions, and extend certain restrictions to the provision of insurance or reinsurance.
Financial services businesses and prescribed businesses will need to familiarise themselves with the new sanctions and check their records to ensure compliance.

Further information on the sanctions and any notifications which need to be made are contained on the States of Guernsey website which can be accessed through the following link: www.gov.gg/sanctionsiran.

Please note that it is proposed that similar legislation will be put in place for Alderney and Sark.

Guernsey Regulator Issued Consultation on the Draft of the Authorised Collective Investment Schemes (Class B) Rules 2012

The Guernsey Financial Services Commission, market watchdog of  the Bailiwick of Guernsey issued Consultation on the Draft of the Authorised Collective Investment Schemes (Class B) Rules 2012. The Collective Investment Schemes (Class B) Rules 1990 (“the 1990 Rules”) came into operation on 1 October 1990.  Whilst the 1990 Rules have been subject to various amendments they have not previously been the subject of a detailed review.  In light of amendments made to the rules relating to Class A open-ended collective investment schemes and the introduction of rules covering authorised closed-ended investment schemes and registered collective investment schemes it was considered appropriate to conduct such a review of the 1990 Rules.

It was against that background that a working party consisting of industry representatives from the open-ended fund sector and the Investment Business Division was established to review the 1990 Rules. 

Having considered the review undertaken by the working party the Commission has produced the revised rules and is currently seeking written feedback from Investment licensees on these revised rules.  A more detailed consultation paper is attached which outlines particular areas of the revised rules where the Commission would welcome feedback.

Consultation Paper

The Draft of the Authorised Collective Investment Schemes (Class B Rules) 2012

The Commission is expecting any comments on these rules to ClassBRules@gfsc.gg by close of business on Thursday 5 April 2012.