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The GFSC’s six-year-long project to review and amend Guernsey's regulatory laws will have a fundamental impact on the island’s financial services community, says a lawyer.
It follows the States of Deliberation’s approval of the timing for commencement of the Revision of Laws, which will take effect on 1 November.
“It is an important milestone in one of Guernsey's largest-ever regulatory law projects,” said Mourant Partner Helen Wyatt.
“The GFSC’s six-year-long project to review and amend Guernsey's regulatory laws and underlying regulations, rules and codes will have a fundamental impact on the island’s financial services community.
“It’s essential that businesses in the relevant sectors become familiar with the new laws and prepare for them to come into force from 1 November.”
Ms Wyatt said businesses are awaiting guidance on the transition from one regulatory regime to another, but do expect a grace period to be agreed by the Commission to enable businesses to become fully compliant.
“Businesses should focus on understanding the impact of changes to principal laws as we don’t currently have final copies of the regulations, rules and codes, although there are unlikely to be significant changes to the drafts that have been circulated for consultation.
“Along with maintaining Guernsey's adherence to relevant international standards, a further positive outcome of the project will be to improve consistency across the key areas of financial regulation.”
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