Guernsey waives promoter licences for over 100 territories
By Kirsten Hastings, 20 Oct 17
Investment promoters from a host of countries and territories will no longer have to obtain a licence from the Guernsey Financial Services Commission (GFSC) if their main place of business is in one of more than 100 jurisdictions.
The Channel Island updated its Investor Protection regulations this week and stated that the countries and territories exempted “afford adequate protection to investors when persons from those territories undertake promotion of controlled investments to persons licensed under the island’s financial regulatory laws in or from within the Bailiwick”, the Policy and Resources Committee said.
The GFSC confirmed to International Adviser that the new regulations apply only to the promotion of controlled investments by overseas firms to licensees, ie entities that are regulated under one of Guernsey’s supervisory laws.
Overseas firms must also meet certain criteria before they start promoting.
The jurisdictions excluded were signatories to the multilateral memorandum of understanding for the consultation and cooperation and the exchange of information established by the International Organisation of Securities Commission (Iosco), which was signed in May 2002.
Click though the slides above to see from which countries and territories promoters are now exempt from requiring a licence:
Tags: Guernsey
