Changes To The Requirements For Individuals Acting As A Director

Acting as a director of a company or incorporated body (whether incorporated in or under the laws of the Bailiwick of Guernsey or elsewhere) by way of business¹ is a regulated activity under The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 as amended (the "Fiduciaries Law"). Individuals carrying on such regulated activity in or from within the Bailiwick are required to hold a personal licence pursuant to the Fiduciaries Law (a "Personal Fiduciaries Licence") unless an exemption applies.

On 8 July 2023, new regulations to the Fiduciaries Law came into operation which provide additional exemptions from the need to obtain a Personal Fiduciaries Licence (one of which is particularly significant for the funds industry) and which introduce a new director registration regime with which directors should familiarise themselves in advance of the 1 October 2023 registration deadline.