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Director exemption consultation launched

Director exemption consultation launched

Monday 28 November 2022

Director exemption consultation launched

Monday 28 November 2022

Guernsey's leading political committee wants to hear from people with a view on proposed changes to rules which will affect some people acting as company directors across the islands.

The Policy & Resources Committee says it is "seeking views from industry and stakeholders on proposed changes to rules which affect some individuals acting as company directors in the Bailiwick".

Acting as a director for any company in the Bailiwick requires directors to hold a personal fiduciary licence under the Fiduciaries Law. There are a number of exemptions to this requirement. One example is when a director holds the role in an honorary or charitable capacity.

One exemption under the Fiduciaries Law is the ‘six directorship’ exemption, which means individuals who hold directorships of six or fewer companies are not required to hold a personal fiduciary licence. They are however still subject to anti-money laundering and counter-terrorism financing obligations.

In 2015, a MONEYVAL2 report recommended measures should be introduced to ensure effective compliance with these obligations.

The Policy & Resources Committee is therefore proposing changes which would see a registration framework extended to directors who come under the ‘six directorship’ exemption. This is proposed as a practical and proportionate solution to deliver on the recommendation.

Further information, including details of proposed registration requirements and exemptions are included in the consultation document which can be found HERE and the Policy & Resources Committee would welcome feedback from all stakeholders. 

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