This is a brief update on the progress of the consultation paper issued by the Guernsey Financial Services Commission regarding the new law regulating the provision of fiduciary services in Guernsey (see Guernsey's New Law Regulating Fiduciaries). Recent figures show that, so far, the commission has received approximately 100 responses to the consultation paper. These are now being assessed.
The precise date on which the new law is to come into force has not yet been announced. However, the view taken by the commission is that there will be no 'grace period' once the law is in force. The commission expects all people covered by it to have fully complied by the date of its introduction. This means that all fiduciary businesses to which the law applies must be taking steps now to ensure compliance.
Further updates on the progress of the new law will follow when more information is available.
For further information on this topic please contact Paul Buckle at Collas Day by telephone (+44 1481 723191) or by fax (+44 1481 711880) or by e-mail ([email protected]). The Collas Day web site can be accessed at www.collasday.com.
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