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The Commission has published the revised rules, codes and guidance for the regulation of financial services business in the Bailiwick that are set to come into force next month.
The new rules, codes and guidance will come into effect on Monday 1 November 2021, on the same day as the new and amended regulatory laws.
The new and amended regulatory laws will help to ensure that the Bailiwick is able to demonstrate its compliance with international standards helping to cement, maintain and improve the Bailiwick’s access to relevant international markets.
“The new and amended laws also aim to eliminate inconsistencies between the regulatory laws which should help to create efficiencies for industry and the Commission,” said a spokesperson for the GFSC.
“In order to implement effectively the new and amended regulatory laws, in recent months the Commission drafted and consulted on revised rules, codes and guidance to accompany them.
“With the implementation of the new and amended laws, it has been necessary to conduct a review of the rules, codes and guidance made under the current laws, to ensure that the new system of regulation works and that the transition, to the new regulatory regime, is as easy as possible.”
Responses to the consultation papers were generally supportive of the Commission’s approach towards ensuring that all rules, codes and guidance are up-to-date, accessible, and written in plain English.
Feedback statements addressing the consultation feedback have been published on the Commission’s Consultation Hub.
The rules are currently marked as draft. However, there will be no further changes to the content of the rules, codes and guidance between now and next month. If licensees have any questions about the implementation of the new laws and/or the revised rules, codes and guidance, they are asked to contact revisionoflaws@gfsc.gg.
From 1 November, the previous supervisory laws and accompanying rules, codes and guidance will be archived on the Commission’s website.
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