Guernsey Regulator Outlines 2017 Funds Strategy
by Jason Gorringe, Lowtax.net, London
02 January, 2017
Guernsey's financial services regulator, the Guernsey Financial Services Commission, has outlined its funds sector strategy for 2017.
The strategy is focused on ensuring that the island is able to offer a suite of products that cover all the requirements of sponsors and their clients, whilst maintaining the simplicity of Guernsey's offering.
The first quarter of 2017 will see the Commission consult on new rules for the Manager Led Product, which was introduced in 2016. It is intended to offer a proportionate risk-based level of product regulation for any Alternative Investment Fund Manager that establishes itself in Guernsey and seeks to market into Europe under the National Private Placement Regime arrangements. The consultation will cover proposals to enable offerings to be marketed worldwide.
In the second quarter of 2017, the Commission will turn its attention to clarifying the regulatory requirements for products that are not funds and, in particular, giving guidance detailing those falling outside current regulation. The Commission has said it will be canvassing views from industry on the matter.
In the third quarter, the Commission said it intends to review the client asset and client money rules, as part of its mandate to maintain good regulatory standards.
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