The Guernsey Financial Services Commission has published a consultation paper seeking views on a proposed change to the requirements that affect some individuals acting as company directors, by way of business, in or from within the bailiwick.
Acting as a director for any company in the bailiwick, by way of business, requires directors to hold a personal fiduciary licence granted by the Commission under the Fiduciaries Law.
There are a number of exemptions to this: director of a local trading company based in Guernsey; director of a company quoted on a recognised stock exchange; a company supervised by the Commission; an individual holding directorships in the course of their duties as an employee of a licensed trust and corporate services provider.
One exemption under the Fiduciaries Law is the ‘six directorship’ exemption, which means individuals who hold directorships of six or fewer companies – directorships not subject to another exemption under the Fiduciaries Law – are not required to hold a personal fiduciary licence.
They are however still subject to anti-money laundering and counter-terrorism financing obligations. In 2015, a MONEYVAL report recommended measures should be introduced to ensure effective compliance with these obligations.
The Policy & Resources Committee is proposing changes that would see a registration framework extended to directors who come under the ‘six directorship’ exemption.
It is envisaged that certain directors will be exempt from the registration requirements. In addition, the proposals will not directly impact individuals who rely on other exemptions under the Fiduciaries Law.
Further information, including details of proposed registration requirements and exemptions are included in the consultation document which can be found here.
The Commission will be holding drop-in sessions during the consultation period at which interested parties can learn more about the proposals, details of which will follow in due course.
• Comments can be sent in by emailing a response to policyandresources@gov.gg and AMLCFT@gfsc.gg by 16 January 2023.