Time to check your Specific Exemptions

Yesterday, the GFSC issued a reminder to all firms to ensure that Specific Discretionary Exemptions from the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (“the Fiduciary Law”) issued after October 2019 are renewed prior to their expiry, with expiries beginning in October 2022.

Call to action

Communication between firms and the GFSC is required in the below circumstances:

1. If the exemption is still required by the firm a written renewal request for the continuation of an exemption will have to be made to the GFSC at least one month prior to the current exemption’s expiry.
2. If the exemption is still required by the firm but there have been material changes to any part of the information contained within the initial application a new application and fee for exemption must be submitted.
3. If the exemption is no longer required, the GFSC must be notified of the change.

It is important for firms to note that if neither a renewal request nor a new application is received by the Commission by the expiry date, the relevant discretionary exemption will automatically expire on the expiry date stated on the exemption letter and the entity may be in breach of the Fiduciary Law if it continues to act.

If you require any assistance please contact us, our team of Compliance & Regulatory Professionals will be glad to support you.