GFSC Engagement Session for GACO Members

The Commission have asked us to forward the following invitation to GACO members on their behalf. If you wish to attend the meeting, please respond direct to the Commission at lcf@gfsc.gg as stated below.

Should you have any comments to the consultation that you wish GACO to include in their response, please forward these to Richard Field by 9th September 2022.

"As you may be aware, the States of Guernsey has recently approved new legislation, The Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022.  The Commission subsequently published a consultation paper setting out its draft Rules, guidance and its approach for regulating the sectors covered by the new Law.  The consultation paper and the associated documents can be found on the Commission’s website, at https://consultationhub.gfsc.gg.

The Commission is seeking feedback from as wide a range and as many stakeholders as possible, and will therefore be holding a series of meetings with various sectors affected by the legislation. 

The Commission would like to invite members of the Guernsey Association of Compliance Officers to a meeting at their offices on Monday 22 August from 08:30 – 10:30.

The purpose of this meeting is to enable attendees to ask for clarification on any aspect of the aforementioned papers, and to express any preliminary thoughts or views on the proposals.  The Commission would ask that attendees read the papers beforehand, as rather than a presentation, the meeting will take the form of a roundtable discussion on the consultation questions.  This opportunity is separate from any written formal consultation response (through the Commission’s consultation hub) which may subsequently be submitted.

To facilitate discussion, it would be helpful if you could limit your numbers to one or two attendees, and submit any specific questions or issues you would like the Commission to cover, ahead of the meeting.  However, you are also welcome to contact the Commission at any time at lcf@gfsc.gg.  Should any firm wish to bring more than two attendees along, then the Commission would ask that you indicate this in your response and will try to accommodate this closer to the time, if there is capacity to do so.

For the avoidance of doubt, please note that the Commission is also organising separate, sector-specific engagement session to take place with firms identified as potentially falling within scope of the new legislation (including the Association of Guernsey Banks, Non-Regulated Financial Services Businesses, and the Fintech Oversight Group).  As such, some members may additionally have already received an invitation to a separate engagement session.  The Commission would encourage these individuals to consider which environment is likely to be most suitable for the consultation points intended to be raised, and accordingly reserve a place to attend only one session.

Please email lcf@gfsc.gg confirming the names and email addresses of those individuals wishing to attend."

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