Financial Services Commission (Bailiwick of Guernsey) (Amendment) Law, 2008

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PROJET DE LOI

ENTITLED

The Financial Services Commission (Bailiwick of Guernsey) (Amendment) Law, 2008

THE STATES, in pursuance of their Resolution of the 28^th May, 2008[a], have approved the following provisions which, subject to the Sanction of Her Most Excellent Majesty in Council, shall have force of law in the Bailiwick of Guernsey.

Amendment of 1987 Law.

1. The Financial Services Commission (Bailiwick of Guernsey) Law, 1987, as amended[b] ("the 1987 Law") is further amended as follows.

2. In section 2(2)(a) of the 1987 Law the words "development and" are repealed.

3. In section 2(2A) of the 1987 Law[c] -

(a) for the words "For the purposes of subsection (2)(a) "development" includes" substitute "The exercise of the general functions of the Commission may include", and

(b) in paragraph (a) subparagraphs (i) and (ii) are repealed.

4. In section 7(1)(b) of the 1987 Law the words "development and" are repealed.

5. In section 8(2)(a) of the 1987 Law -

(a) for the word "development" where first appearing substitute "supervision", and

(b) the words "development and" are repealed.

6. Section 8(2)(d) of the 1987 Law is repealed

7. In paragraph 1(2) of Schedule 1 to the 1987 Law the words "development and" are repealed.

Citation.

8. This Law may be cited as the Financial Services Commission (Bailiwick of Guernsey) (Amendment) Law, 2008.

[a]	Article XII of Billet d'État No. VII of 2008.
[b]	Ordres en Conseil Vol. XXX, p. 243; amended by No. XX of 1991; No. XIII of 1994; No. II of 1997; No. II of 1998; No's. XVII and XXI of 2002; No's. III and XXII of 2003; the Financial Services Commission (Enforcement Powers) (Bailiwick of Guernsey) Law, 2008; the Machinery of Government (Transfer of Functions) (Guernsey) Ordinance, 2003 (No. XXXIII); and the Financial Services Commission (Bailiwick of Guernsey) (Amendment) Ordinance, 2005 (No. XXXIV).
[c]	Subsection (2A) was inserted by Order in Council No. XVII of 2002.