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Guernsey Regulator Sets Out 2016 Goals

by Jason Gorringe, Lowtax.net, London
22 June, 2016

Guernsey's financial services regulator, the Guernsey Financial Services Commission, has set out its objectives for 2016 in its recently released 2015 annual report.

The Commission say it has a very busy policy agenda which includes developing lending and credit legislation to replace the Non-Regulated Financial Services Business Law; working with Guernsey's legislature (the States) to develop a banking resolution regime; and continued work on "passporting" under the Alternative Investment Fund Managers Directive.

The Commission will also undertake preparatory work on Markets in Financial Instruments Directive II (MiFID II) and Markets in Financial Instruments Regulation (MiFIR) equivalence. This should proceed at a slower pace following the European Union's (EU) decision to delay implementation until 2018.

The Commission will continue to contribute to the EU's Capital Market Union program from the perspective of the Channel Islands. It will also assist the Guernsey Government with the legal drafting and implementation of the "Revision of Laws" project, which is designed to simplify and modernize the Bailiwick's regulatory laws.

In addition, the Commission will consider what changes need to be made to Guernsey's regulatory regime in light of the Council of Europe's recommendations in its recent Moneyval report that assessed measures put in place by Guernsey to prevent money laundering and the financing of terrorism.

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