Regulatory Alerts2022-11-03
Notice of Modification of Rule 5.1(2) of the Licensees (Capital Adequacy) Rules, 2021
The Commission issued this notice on 3 November 2022 to modify the application of rule 5.1(2) of the Licensees (Capital Adequacy) Rules, 2021. The modification excludes paragraph (c) of the definition of 'adjustments' for licensees with no physical presence in the Bailiwick that are administered by another local licensee and act as general partners, managers, or investment advisers of authorized collective investment schemes. This exemption applies specifically to entities regulated under the Protection of Investors (Bailiwick of Guernsey) Law, 2020.
Notice with respect to the modification of rule 5.1(2) of the Licensees (Capital Adequacy) Rules, 2021 Pursuant to rule 1.1(2) of the Licensees (Capital Adequacy) Rules, 2021 (“the Rules”), whereby the Commission may in its absolute discretion, by written notice, exclude or modify the application of any provision of the Rules, the Commission hereby modifies the application of rule 5.1(2) of the Licensees (Capital Adequacy) Rules, 2021 in respect of a licensee with no physical presence in the Bailiwick, which is administered by another licensee in the Bailiwick and which is a general partner, manager or investment adviser of a collective investment scheme authorised or registered under the Protection of Investors (Bailiwick of Guernsey) Law, 2020. Paragraph (c) of the definition of "adjustments" contained in Rule 5.1(2) shall not apply to such a licensee. Date of issue: 3 November 2022