A 2017 guide to financial services regulation in Guernsey
06/10/2022
The GFSC is the regulatory body for the finance sector in the Bailiwick of Guernsey and has issued a guide
In this document the GFSC say;-
- Regulators such as the GFSC are necessarily creatures of statute.
- Without statute law to back them there could be little certainty that any market participants would take notice of what they said.
- Other market participants would worry legitimately that they bore the costs of compliance when their competitors might not. Their customers and potential customers could have no confidence that the protection apparently offered by regulation was effective.
- One drawback of statutory backing is that the law is not expressed in easy to understand form.
- It creates institutions, powers, rights and obligations but there is neither the legislative resource nor time to explain why the regulatory regime has been created, how it is intended to operate and what its scope and limits are.
- This document seeks to help fill that gap.
- It is intended to clarify and explain regulation in a non-legal way. It does not override the law.
- It is not set in stone.
- It is a living document that may be expected to evolve over time.
Read here
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.