The Guernsey Financial Services Commission (GFSC) has revoked the Non-Guernsey Scheme regime and all associated rules.
This means that collective investments schemes that are not established in the Bailiwick will no longer need to be regulated by or registered with the watchdog.
The decision to deregulate such schemes was taken after an industry-wide consultation on the issue.
GFSC’s director general William Mason said: “I am pleased that the commission has been able to identify an opportunity to deregulate an area of financial services supervision.
“What this means in practice is that licensees will no longer be required to notify the commission of, and seek prior approval for, a proposal to carry on the activities of management, administration or custody in connection with a specific non-Guernsey collective investment scheme.
“It will, of course, continue to be a requirement that such activities, when conducted by way of business in or from within the Bailiwick, are conducted by persons licensed under the Protection of Investors Law.”
