Commenting on the decision, the Commission’s Director General, William Mason said: "What this means in practice is that licensees will no longer be required to notify the Commission of, and seek prior approval for, a proposal to carry on the activities of management, administration or custody in connection with a specific non- Guernsey collective investment scheme.

"It will, of course, continue to be a requirement that such activities, when conducted by way of business in or from within the Bailiwick, are conducted by persons licensed under the Protection of Investors (PoI) Law.”

The move comes following consultation with industry, he added. 

"The Commission will continue to monitor the type of investment business undertaken by regulated firms and the risks they pose to the Commission’s core functions, by extending the annual reporting by PoI licensees to include certain information on activities undertaken in respect of investment assets serviced in Guernsey."