Guernsey: GFSC discussion paper - revising the financial regulation laws

The Guernsey Financial Services Commission has published a discussion paper titled Revising the Bailiwick’s financial regulatory laws to maintain the Bailiwick’s reputation as an efficient and well-regulated international finance centre: see here (pdf). The paper contains many wide-ranging reform proposals, including the creation of a single statutory enforcement regime; prohibiting corporate directors from sitting on the boards of trust and corporate service providers; and giving the Commission the power to request meetings with the auditors of banks.