The Guernsey Financial Services Commission (“the Commission”) has received certain representations concerning the Licensees (Conduct of Business) Rules, 2009 that have led it to conclude that the following Guidance Note should be issued to bring clarification. Some of these issues were mentioned in the Commission’s presentation to industry on 17 December 2009. The paper formalises such matters into guidance. The Commission continues to meet licensees to discuss the practical effects of the Licensees (Conduct of Business) Rules, 2009. The Commission is prepared to issue further Guidance Notes when it is deemed necessary to clarify Rules.
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