Policy & Resources Committee - P.2017/57
The States are asked to decide:-
Whether they are of the opinion to approve the draft Ordinance entitled "The Disclosure (Financial Services Commission) (Bailiwick of Guernsey) (Amendment) Ordinance, 2017", and to direct that the same shall have effect as an Ordinance of the States.
This proposition has been submitted to Her Majesty's Procureur for advice on any legal or constitutional implications in accordance with Rule 4(1) of the Rules of Procedure of the States of Deliberation and their Committees.
EXPLANATORY MEMORANDUM
The Ordinance is made under the Disclosure (Bailiwick of Guernsey) Law, 2007, ("the Disclosure Law"). It amends section 21(2) of the Financial Services Commission (Bailiwick of Guernsey) Law, 1987, which permits the Guernsey Financial Services Commission (GFSC) to disclose confidential information for certain specified purposes. The effect of the amendment is to permit the GFSC to provide information to the different Registrars within the Bailiwick to enable them to carry out their functions relating to the beneficial ownership of legal persons, or to investigate matters relevant to those functions.
The reason for making this amendment under the Disclosure Law, rather than under the Beneficial Ownership of Legal Persons (Guernsey) Law, 2017 (approved by the States of Deliberation on the 26th April, 2017) and the Beneficial Ownership of Legal Persons (Alderney) Law, 2017 (approved by the States of Alderney on the 19th April, 2017) as initially envisaged, is to ensure that the amendments apply across the Bailiwick as a whole.
