Financial Resources Requirements Rules, 2018 for the Fiduciary sector

The FRR Rules have been issued by the Guernsey Financial Services Commission (the "Commission") and come into force on 28 February 2018.

An extract from the Commission's news page has been provided below. Further information along with the rules can be found on the news section and on the Fiduciary Legislation and Guidance page on www.gfsc.gg.

EXTRACT: "The FRR Rules replace those requirements found under a number of Codes of Practice and have been drafted in accordance with international best practice, as per the GIFCS Standard, and focus primarily on liquidity requirements. These rules are intended to provide a level of assurance that all full fiduciary licensees are in a sound financial position and are therefore able to facilitate an orderly wind down or manage a distressed situation. The Rules include a grandfathering period that concludes on 31 March 2019."