New Credit and Finance Legislation to Cover Banks and Non-Bank Lenders in Guernsey

Guernsey’s most recent States of Deliberation meeting has approved a detailed policy letter setting out proposals for new legislation which will affect banks, other providers of credit (including peer-to-peer lending platforms), persons providing ancillary services to the provision of credit and those dealing with virtual assets, in each case, by way of business in Guernsey.

The new CFL will see the repeal of the awkwardly-named Registration of Non Regulated Financial Services Businesses (Bailiwick of Guernsey) Law, 2008 (the “NRFSB Law”). The NRFSB Law currently requires certain non-bank businesses undertaking credit activities in Guernsey to be registered with the Guernsey Financial Services Commission (“GFSC”), but only for AML/CFT supervisory purposes.

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GUERNSEY
Zoë HallamGroup Partner*T +44 (0)1481 748 920zoe.hallam@walkersglobal.com
Kim PaivaGroup Partner*T +44 (0)1481 748 906kim.paiva@walkersglobal.com
Sam ShiresOf CounselT +44 (0)1481 748 916sam.shires@walkersglobal.com