GUERNSEY STATUTORY INSTRUMENT 2017NO. €9 W GREFFE l ROYAL COURT I l ! 7 (gCT 20!7 rDA" l G U E R N S E Y The Investor Protection (Designated Countries and Territories) (Bailiwick of Guernsey) Regulations, 2017 Made Corning into operation Laid before the States 17th October, 2017 17th October, 2017 , 2017 THE POLICY & RESOURCES COMMITTEE, in exercise of the powers conferred on it by sections 21 and 29(l%cc) of the Protection of Investors (Bailiwick of Guernsey) Law, 1987a, and all other powers enabling it in that behalf, hereby makes the following Regulations:- Designation of countries and territories.

1. Each of the countries and territories specified in column (1) of the Schedule to these Regulations is designated for the purpose of section 29(1)(cc) of the Law as a countty ot territory the law of which, in the opinion of the Committee, affords adequate protection to investors in relation to the activities specified opposite its name in column (2) of the said Schedule. a Ordres ell Conseil Vol. XXX, p.281; as amended by Vol. XXX, p.243; Vol. XXXI, p.278; Vol. XXXII p. 324; Vol. XXXV(1) , p.271; Vol. XXXVI, p.264; Vol. XXXVII, p.24; Vol. XLII(1), p.644; Nos. XV and XXXII of 2003; No. XVIII of 2008; Nos. XIII and XX of 2010; Recueil d'Ordonnances Tome XXIV, p. 324; Tome XXVI, p.333; Tome XXVIII, p. 51; Tome XXVIII, p.87; Tome XXIX, p. 406; Tome XXXIII, p.l36; Tome XXXIII, p.472; G.S.I. No. 83 of 2010.

Interpretation. 2. (1) In these Regulations, unless the context requires otherwise - "enactment" includes a Law, an Ordinance and any subordinate legislation and includes any provision or portion of a Law, an Ordinance or any subordinate legislation, "the Law" means the Protection of Investors (Bailiwick of Guernsey) Law, 1987, "subordinate legislation" means any regulation, rule, order, rule of court, resolution, scheme, warrant, byelaw or other instrument made under any statutory, customary or inherent power and having legislative effect, but does not include an Ordinance, and other expressions have the same meanings as in the Law. (2) The Interpretation (Guernsey) Law, 1948b applies to the interpretation of these Regulations. (3) Any reference in these Regulations to an enactment is a reference thereto as from time to time amended, re-enacted (with or without modification), extended or applied. Citation. 3. These Regulations may be cited as the Investor Protection (Designated Countries and Territories) (Bailiwick of Guernsey) Regulations, 2017. b Ordres ell Conseil Vol. )GII, p. 355.

Commencement. 4. TheseRegulationsshallcomeintoforceonthel7thOctober,2017. i 'o???11. Datedthis ' l day ot Cic %>r" ,2017 k G. A. ST PIER President of the Policy & Resources Committee For and on behalf of the Committee '-,

SCHEDULE Regulation 1 (1) Country or territory (2) Restricted activity Abu Dhabi Albania Alberta Andorra, Principality of Angola Argentina Australia Austria Bahamas, The Bahrain, Kingdom of Bangladesh Belgium Bermuda Bosnia and Herzegovina, Federation of Brazil British Columbia British Virgin Islands Brunei Bulgatia Cayman Islands Central Africa China, People's Republic of Colombia Croatia, Republic of Cyprus, Republic of Promotion carried on in connection with a controlled investment to licensees or to any person licensed to carry on business under any of the regulatory laws referred to in paragraphs (a) to (d) of the definition of "regulatory Laws" in section 44 of the Law.

Czech Republic Denmark DIFC, Dubai Ecuador EgYPt El Salvador Estonia Finland France Germany Gibraltar Greece Hong Kong Hungary Iceland India Indonesia Ireland Isle of Man Israel Italy Jamaica Japan Jersey, Bailiwick of Jordan Kenya Korea, Republic of Kuwait Labuan Latvia, Republic of

Liechtenstein, Principality of Lithuania Luxembourg, Grand Duchy of Macedonia, Former Yugoslav Republic of Malawi Malaysia Maldives, Republic of Malta Mauritius, Republic of Mexico Mongolia Montenegro Morocco Netherlands, The New Zealand Nigeria Norway Oman, Sultanate of Ontario Pakistan Palestine Panama, Republic of Peru Poland Portugal Qatat Quebec Romania Russia

Saudi Arabia, Kingdom of Serbia, Republic of Singapore Slovak Republic Slovenia South Africa Spain Sri Lanka Republic Srpska, Bosnia and Herzegovina Sweden Switzerland Syria Chinese Taipei Tanzania Thailand Trinidad and Tobago Tunisia Turkey Turks & Caicos Islands Uganda United Arab Emirates United Kingdom of Great Britain and Northern Ireland United States of America Uruguay Vietnam West African Monetary Union

EXPLANATORY NOTE (This note is rtot part of the Regulations) These regulations designate certain countries and territories for the purposes of section 29(1)(cc) of the Protection of Investors (Bailiwick of Guernsey) Law, 1987 (Exempt persons). The Committee is of the opinion that the countries or territories so designated afford adequate protection to investors when persons from those territories undertake promotion of controlled investments to persons licensed under one of the Island's financial regulatory laws in or from within the Bailiwick. The main effect of the designations is that persons who have a main place of business in a designated country or territory and who carry out promotion to entities licensed by the Guernsey Financial Services Commission in or from within the Bailiwick in accordance with these regulations and section 29(1)(cc) are exempt from the requirement to hold a licence under section 1 of the Law. The countries and territories so designated are those which are signatories to the Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information established by the International Organisation of Securities Commissions in May 2002. These Regulations come into force on the 17th day of October, 2017.