The Fiduciary Business Law Joint Working Group (JWG), a committee of practitioners formed by the Commission to discuss issues surrounding the supervision of fiduciary business within the Bailiwick, has issued a Consultation Document on the possible introduction of a Fiduciary Business Law.
The question of extending supervision under statute to fiduciary business has been under consideration for some time; the possibility of a new law should come as no surprise to those long advocating the need for such legislation in order to provide comprehensive supervision of all aspects of financial services within the Bailiwick. Indeed, following the Commission's recent publication of its Conclusions Document on the proposed extension of the Protection of Investors (Bailiwick of Guernsey) Law to cover all forms of investment business, local financial practitioners and their advisers have continued to point out the desirability of also introducing a supervisory regime in the area of fiduciary activities and encouraged the Commission to introduce such legislation.
The proposed new law is ground-breaking as no other jurisdiction has legislation to supervise effectively this important area of financial services. However, the Commission is aware that this is an issue high on the legislative agenda of many other financial centres, particularly offshore centres. A full definition of fiduciary business is contained within the Consultation Document copies of which are available from the Commission.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
For further information contact Nigel Taylor, Director of Investment Business or Tammy Menteshvili, Deputy Director of Investment Business on Tel: +44 (0) 1481 712706 or visit the Guernsey Financial Services Commission Web Site at:
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As reported in the market updates section of this newsletter, the UAE Ministry of Economy recently reviewed the fees charged by its various departments, including the Trade Mark, Patent and Copyright Office.
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