Financial Services Commission (Bailiwick of Guernsey) (Amendment) (No.2) Law, 2008

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PROJET DE LOI

ENTITLED

 

The Financial Services Commission (Bailiwick of Guernsey) (Amendment) (No. 2) Law, 2008

 

THE STATES, in pursuance of their Resolution of the 30th day of July, 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 the Financial Services Commission (Bailiwick of Guernsey) Law, 1987.

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

 

2.      For section 2(2)(e) substitute the following paragraphs -

 

"(e)      to take such steps as the Commission considers necessary or expedient for -

 

(i)      maintaining confidence in the Bailiwick's financial services sector, and

 

(ii)      the safety, soundness and integrity of that part of the Bailiwick's financial services sector for which it has supervisory responsibility, and

 

(f)      all such other functions as the States may by Resolution assign to the Commission.".

 

3.      Immediately after section 7(2), insert the following subsection -

 

"(2A)      Any guidance or direction given under this section -

 

(a)      may be given only in the public interest, and not to influence particular cases,

 

(b)      must not prejudice the operational independence of the Commission by prescribing the specific manner in which the Commission should carry out its supervisory functions, and

 

(c)      must be published : provided that the guidance or direction may come into effect as soon as it is given.".

 

Citation.

4.      This Law may be cited as the Financial Services Commission (Bailiwick of Guernsey) (Amendment) (No.2) Law, 2008.

[a]

Article II of Billet d'État XI of 2008.

[b]

Ordres en Conseil Vol. XXX, pg. 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 Financial Services Commission (Bailiwick of Guernsey) (Amendment) 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).





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