The Commission has published a Consultation Paper containing proposals, which, if implemented, would allow different investor categories to take advantage of an appropriately regulated fund structure. The proposed amendments would complete the current approach for
Consultation Paper on Guidance for Custodians of Open-ended Collective Investment Schemes with Indirectly Held Assets
The Commission has issued a Consultation Paper seeking views from interested parties on a proposed Guidance Note for Custodians of open-ended collective investment schemes made under the Protection of Investors (Bailiwick of Guernsey) Law, 1987 (the “PoI Law”).
Rules made under the PoI Law for authorised and registered open-ended collective investment schemes place requirements on the Designated Custodian to safeguard custody scheme property. Such assets may be held directly or indirectly through the use of separate legal holding structures. In seeking to fulfil its duties under the PoI Law, Designated Custodian must consider the circumstances under which it is necessary to “look through” such holding structures to the ultimate asset.
The Commission, following engagement with the local custody industry, proposes issuing guidance to assist custodians in making this consideration and providing examples of how the requirements under the PoI Law may be met.
A copy of the Consultation Paper and the Draft Guidance can be found here: https://www.gfsc.gg/commission/legislation-and-guidance
Respondents are encouraged to submit their comments by 21 October 2020, online here.
The Commission has published a Consultation Paper seeking feedback on proposals for changes to the Non-Guernsey Scheme regime. If the proposal is implemented any entity undertaking a restricted activity in or from within the Bailiwick
The Commission has published new guidance aimed at providing clarification about Designated Custodians’ duties and the standards of conduct that are expected of them when they act for Open-Ended Collective Investment Schemes. Designated Custodian should