Prior to 27 February 2013, consent from the Guernsey Financial Services Commission pursuant to the Control of Borrowing (Bailiwick of Guernsey) Ordinance, 1959, as amended (more commonly referred to as COBO) was required for certain transactions where money was borrowed in the Bailiwick of Guernsey and for certain capital raising transactions. COBO created additional and unnecessary regulatory requirements within financing or refinancing arrangements and where on-lending applied within group contexts.

COBO was repealed in its entirety on 27 February 2013 by the enactment of the Control of Borrowing (Repeal) (Bailiwick of Guernsey) Ordinance, 2013, meaning that COBO consent is no longer required for borrowings by Guernsey companies.

The general consensus from industry and local regulatory bodies is that such repeal is long overdue because the remaining provisions no longer had any useful commercial or regulatory function, since they originated for exchange control purposes.