Monday, 17 June 2013

Guernsey: GFSC proposes consolidation of the financial supervisory legislation

The Guernsey Financial Services Commission has published a consultation paper in which it sets out proposals to consolidate much of the legislation relating to its supervisory functions: see here (pdf).

In addition, some changes to the legislative framework are proposed, including extending the activities requiring a licence from the GFSC as well amending the minimum licensing criteria to include a requirement that a licensee’s board of directors should discharge its functions with the necessary skills, knowledge and experience in relation to the company’s activities and associated risks. It is also proposed that the minimum criteria should be standardised to provide that the board of directors include such number of executive directors and non-executive directors as the GFSC considers appropriate.

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