Guernsey: Unregulated PCCs and ICCs

Until March 2009, the Guernsey Financial Services Commission ("GFSC") attached a standard condition, when granting consent to the registration of Protected Cell Companies ("PCCs") and Incorporated Cell Companies ("ICCs"), requiring that any changes in beneficial ownership be notified to the GFSC. The GFSC will no longer impose this requirement when granting consent for new cell companies and is willing to remove the condition for existing companies on request to the Intelligence Team. For the avoidance of doubt, the requirement for cell companies to be administered by a licensed financial services business will continue to apply to existing and new unregulated cell companies.