GFSC exemptions from licensing – personal directorships [15 June 2023]

The GFSC has updated its news article to provide further clarification on exemptions from licensing – personal directorships on 12 June,

• 12 JUNE  https://www.gfsc.gg/news/exemptions-licensing-personal-directorships

The GFSC say:-

On 5 June 2023, the Regulation of Fiduciaries etc (Bailiwick of Guernsey) (Amendment) Regulations, 2023 were made by the Policy & Resources Committee (the “Committee”).

These Regulations, which are to be laid before the States meeting on 5 July and which come into operation on 8 July,

• Expand the available licensing exemptions for certain categories of personal directorship activity.
• Take forward the original proposals made in the GFSC’s December 2022 consultation paper and, based on consultation responses received, provide for further categories of exemption.

The Committee has also made Regulations for the implementation of the new Director Registration Regime which, subject to receipt of approval at the States meeting on 5 July, would also come into operation on 8 July.

The two sets of regulations are connected insofar as

• The introduction of new, additional categories of licensing exemption will reduce the number of individual directors using the 'up to six directorships' exemption who would be required to register.

In line with its normal practice,

• The GFSC will publish a consultation paper feedback statement and
• At the same time issue supporting guidance for directors to help them understand their respective positions and obligations regarding licensing, licensing exemption and registration.

It is proposed, in the relevant Policy & Resources Policy Letter, that when the Regulations are enacted

• There will be a transitional period for individual directors to complete the new registration requirements.

For the avoidance of doubt,

• The proposed Regulations do not require individuals benefitting from the six directorship exemption to be licensed under the Fiduciaries Law.

The GFSC can be contacted with any comments or questions in advance of 8 July using the following email address: ifpd@gfsc.gg.

https://www.gfsc.gg/news/update-exemptions-licensing-personal-directorships