Definitions:
"LCF Law" means The Lending, Credit
and Finance (Bailiwick of Guernsey) Law, 2022.
"Notice" means the Guernsey Financial
Services Commission's Notice with respect to the
disapplication of the requirement to hold a licence under section
40 of the Lending, Credit and Finance (Bailiwick of Guernsey) Law,
2022.
CELL 1 SITTING BETWEEN THE INVESTOR AND THE UK BRIDGE FINANCE
PROVIDER
The loan might be subject to Part III of the LCF Law, as
"lending" (and thereby constituting the Cell as a
"financial firm business").
However, the requirement for Cell 1 to hold a licence under Part
III of the LCF Law is disapplied under paragraph III of the second
section of the Notice, which exempts "Persons who carry out
lending to their registered directors, registered partners,
registered shareholders, or beneficial owners."
