Ms Tamara (Tammy) Menteshvili has joined the Commission as Deputy Superintendent of Investment Business. This is a new post which has been created, inter alia, in the light of proposals to extend the scope of The Protection of Investors (Bailiwick of Guernsey) Law, 1987, which presently applies only to collective investment schemes, to cover all types of investments, for example, securities business.

Ms Menteshvili, who was educated in London and New York, has wide regulatory and industry experience. From 1972-1989 she worked for Merrill Lynch in New York and London in various capacities, reaching the position of Vice President and Regional Administration Manager, Institutional Sales. In 1990 she joined the Investment Management Regulatory Organisation (IMRO, one of the self-regulatory organisations under the UK's Financial Services Act, 1986) where she was latterly Public Relations Manager. Her new role includes the development of a supervisory regime under the POI law for activities carried on in connection with other forms of investment business. She says: 'The Commission is committed to this initiative in the interest of investor protection and the enhancement of Guernsey's profile as a reputable offshore financial centre.

The proposed legislative reforms will broaden the range of regulated services available in Guernsey and will provide adequate levels of supervision necessary to ensure Guernsey's continued good reputation.'

A consultative paper is to be published soon and practitioners are encouraged to participate actively in the consultative process.

For further information contact Peter Crook on Tel: +44 (0) 1481 712 706 or Fax: +44 (0) 1481 712 010.

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