A 2017 guide to financial services regulation in Guernsey
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.
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