2015 October 28th Billet XVIII
There is not much to report this month. The main news relates to the Companies (Transitional Provisions and Commencement) Regulations, 2015. Please see our various updates to clients on the changes to the companies laws for more information.
Below are summaries of the relevant agenda items for the States Meeting starting on Wednesday 28th October, 2015.
The Billet can be read in its entirety here.
Ordinance and Amendments
The Investor Protection (Designated Countries and Territories) (Amendment) (AIFMD) Regulations, 2015, p. 2712
These Regulations further amend the 1989 Regulations to designate each European Union Member State that, in the opinion of the Policy Council, has implemented the European Union Alternative Investment Fund Managers Directive.
The effect of these Regulations is that:
(a) a person who (or body which) does not have a permanent place of business in Guernsey and is recognised by the law of the designated Member State as a national of that Member state, and promotes AIF in or from within that Member State in a manner permitted by the law of that Member State, would be entitled to similarly promote the AIF in or from Guernsey without a licence once they have notified the Commission that they intend to do so; and
(b) a licensee would be free to carry on any restricted activity for which the licensee has a licence in connection with any such AIF if that licensee observes any requirements subject to which that activity may be carried on in the designated Member State.
The Renewable Energy (Guernsey) Ordinance, 2015, p. 2709
This ordinance provides for the detailed regulation of large scale tidal, wave and wind power and other renewable energy projects; any part of which are located in Guernsey waters. It has been drafted to be broadly consistent with the renewable energy licensing regime provided under The Renewable Energy (Alderney) Ordinance, 2008.
Part I gives the Commerce and Employment Department a power to amend the current exemptions from the application of the renewable energy legislation set out in Schedule 1 to the Law and make provision in relation to the conduct, control and administration of renewable energy activities.
Part II sets out the detailed licensing regime including provisions concerning applications in relation to licences and publicity and related consultation.
Part III provides for the Commission to make declarations to restrict or extinguish rights of navigation and/or create safety zones in the vicinity of tidal or wave arrays for safety reasons.
Part IV and VII provide a full suite of civil and criminal enforcement provisions.
Part IX provides additional offences. Part X provides miscellaneous provisions.
The Seafarer Recruitment and Placement Services (Maritime Labour Convention
2006) (Sark) Ordinance, 2015, p. 2710
This Ordinance gives domestic effect in Sark to the requirements of Regulation 1.4 of
The Maritime Labour Convention 2006. This regulation is concerned with the conduct
of seafarer recruitment and placement services.
The Ordinance is essentially the same (with necessary modifications) as The Seafarer Recruitment and Placement Services (Maritime Labour Convention 2006) (Guernsey and Alderney) Ordinance, 2013.
Sark was not in a position to confirm it wished to have an Ordinance extending this law to it so the decision has been made to legislate for Sark separately so as to avoid delay.
The Forfeiture of Money, etc. in Civil Proceedings (Bailiwick of Guernsey) (Amendment) Law, 2012 (Commencement) Ordinance, 2015, p. 2711
This Ordinance commences The Forfeiture of Money, etc. in Civil Proceedings (Bailiwick of Guernsey) (Amendment) Law, 2012 on the 28th October, 2015.
The Companies (Transitional Provisions and Commencement) Regulations, 2015, p. 2712
These Regulations bring The Companies (Guernsey) Law, 2008 (Amendment)
Ordinance, 2015, which makes extensive amendments to The Companies (Guernsey)
Law, 2008, into force on the 3rd September, 2015, subject to the savings and transitional provisions set out in the Regulations.
The Bornement (Fees) Regulations, 2015, p. 2715
These regulations increase the Bornement Fees from £15.00 to £25.00. They came into operation on the 1st September, 2015.
Other States' Business
Policy Council - Revision of the Financial Supervisory and Regulatory Laws, p. 2716
The Guernsey Financial Services Commission has undertaken an extensive public consultation on revising the Bailiwick’s supervisory and regulatory laws to maintain the Bailiwick’s reputation as an efficient and well regulated international finance centre.
The proposals in the Policy Letter represent the outcome of that public
consultation process and follow discussions between representatives of the GFSC, the Commerce and Employment Department, and the Policy Council.
Policy Council - Appointment of an Ordinary Member of the Guernsey Financial Services Commission, p. 2757
This Policy Letter proposes the appointment of Mrs. Wendy Dorey as an ordinary member of the Guernsey Financial Services Commission for a three year term with effect from 1st November 2015.
Policy Council - Standardising the Measurement of Guernsey's Gross Domestic Product, p. 2760
The States are asked to support the progression of a data collection project and its associated expenditure.
Economic output, measured via GDP, is an important macroeconomic indicator integral to the Fiscal Framework. It is used by the States to set targets for capital investment and overseas aid and also set limits on any borrowing.
Concerns have been raised over the degradation of data used to calculate Guernsey's GDP, and lack of updates to the methodology used. Temporary fixes used in recent years to counteract this degradation have been implemented but fundamental changes are proposed to ensure the published GDP is an internationally comparable representation of the Island's economic output.