The GFSC announces updated Prospectus Rules - 10th June 2025
11/06/2025
Following consultation with industry earlier this year, the Guernsey Financial Services Commission is announcing updates to the Prospectus Rules.
The updated Prospectus Rules, 2025, which will come into effect on 1 July 2025,
- Aim to provide enhanced clarity and standardise some requirements to ensure that the Bailiwick’s investment and funds proposition is as accessible and as simple to use as possible
- While continuing to accord with international standards on investor protection.
Key changes include
- Exempting Professional Investors from the scope for promotions of Category 2 Controlled Investments
- Raising the prospectus registration offer threshold from 50 to 200 non-professional Investors AND
- Material exemptions will also apply to prospectuses of Registered Collective Investment Schemes listed or traded on the London Stock Exchange.
The changes
- Will help facilitate new business opportunities, including raising capital by Guernsey entities and raising capital within the Bailiwick by entities located elsewhere.
- Respond to industry representations and an internal review, which included benchmarking the Bailiwick’s prospectus regime against recognised international standards. They also follow a comprehensive consultation process on the proposed changes.
- Will not affect prospectuses issued under the 2021 Rules, but any new, updated, or replaced prospectuses will need to comply with the requirements of the 2025 Rules.
Director General William Mason commented,
- “This is part of our ongoing programme to ensure that our rules and regulations are as simple and easy to use as is compatible with consumer and investor protection.”
For more information
- Consultation feedback statement https://www.gfsc.gg/sites/default/files/media/helix-file/Feedback Statement - Prospectus Rules 2025.pdf
- Prospectus Rules and Guidance, 2025, - https://www.gfsc.gg/sites/default/files/media/helix-file/The Prospectus Rules and Guidance%2C 2025 %282%29.pdf
- https://www.gfsc.gg/news/commission-announces-updated-prospectus-rules
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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.