The Guernsey Financial Services Commission has released a consultation paper detailing proposals for a world leading set of "Green Fund" rules.
The proposals set out in this consultation paper provide a framework upon which green investments can be encouraged and facilitated through the use of investment funds domiciled in Guernsey. It is hoped the new rules will give investors reassurance that their investments are contributing to initiatives that have a positive environmental impact on the planet and in so doing inspire confidence that their investments are well regulated.
The draft rules provide for the Guernsey Green Fund designation to be given as an overlay to one of the existing forms of Guernsey fund regulation. Having met those requirements (which are built around globally recognised standards), the fund will then opt-in to the Guernsey Green Fund rules and provide a certification (either through a suitable third party (level one) or the fund's designated manager or administrator (level two) that it meets the requirement.
Collas Crill Group Partner Wayne Atkinson said: "The decision to put this product into the market place once again reflects Guernsey's global leadership in the responsible regulation of financial services. In terms of detail there is a huge amount to like about these rules. By contributing to the consultation I'm sure the global financial community can make this a pragmatic and effective set of rules for green investment."
The consultation can be found here.