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Guernsey Issues New Fee Regulations

by Jason Gorringe, Tax-News.com, London

13 December 2010


The Guernsey Financial Services Commission has announced new legislation governing fees to be paid by entities operating in Guernsey from January 1, 2011.

On December 6 the Financial Services Commission announced that the following regulations will enter into force from January 1, 2011:

The Protected Cell Companies and Incorporated Cell Companies (Fees for Insurers) Regulations, 2010.

These Regulations prescribe the fees payable to the Guernsey Financial Services Commission by any company which is a protected cell company or an incorporated cell company, and by an incorporated cell, and which applies to be licensed to conduct insurance business under the Insurance Business (Bailiwick of Guernsey) Law, 2002. Furthermore, the Regulations prescribe the fee payable by any company for consent for the conversion of a licensed company into a protected cell company or an incorporated cell company, the conversion of an existing licensed protected cell company into an incorporated cell company, or for the conversion of a licensed protected cell company or incorporated cell company into a non-cellular company.

The Financial Services Commission (Fees) Regulations, 2010.

These Regulations prescribe for the purposes of the Protection of Investors (Bailiwick of Guernsey) Law, 1987, the Banking Supervision (Bailiwick of Guernsey) Law, 1994, the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) Law, 2000, the Insurance Business (Bailiwick of Guernsey) Law, 2002 and the Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002 the fees payable in respect of the licensing of controlled investment business, a designated territory investment business notification, a non-Guernsey open-ended collective investment scheme notification, the licensing of a bank, the licensing of fiduciaries, the licensing of an insurer, the licensing of an insurance manager, the licensing of an insurance intermediary, and the fees payable annually thereafter.

The Amalgamation and Migration of Companies (Fees payable to the Guernsey Financial Services Commission) Regulations, 2010.

These Regulations set out the fees payable to the Guernsey Financial Services Commission which must accompany an application for its consent for the amalgamation of two or more bodies corporate pursuant to the provisions of Part VI of the Companies (Guernsey) Law, 2008 and for the removal of a supervised company from the Register of Companies for the purposes of becoming registered as a company under the law of a district, territory or place outside Guernsey in accordance with the provisions of Part VII of that Law.

There continues to be no fee payable to the Guernsey Financial Services Commission when a non-Guernsey company migrates "inwardly" to become registered a Guernsey company.

The Registration of Non-Regulated Financial Services Businesses (Bailiwick of Guernsey) (Fees) Regulations, 2010.

These Regulations make provision for the payment of an application fee and an annual fee under the Registration of Non-Regulated Financial Services Businesses (Bailiwick of Guernsey) Law, 2008.

TAGS: investment | business | law | banking | financial services | insurance | Guernsey | fees | licensing | legislation | regulation | services

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