The GFSC has issued the following consultation paper.
The GFSC's approach to consultation
1. The GFSC is committed to carrying out its responsibilities in an open, transparent and accountable way. This statement describes the approach that we will take to consulting often about our policies, and on regulatory and legislative development. We will keep this approach under review, in line with evolving good consultation practice.
2. We will usually consult on material changes in regulatory requirements, policy or procedure and on changes to fee structures. Where proposed changes arise from a requirement to comply with EU Directives, we will make this clear.
3. We will consult in order to:
- obtain information and views to help the GFSC take well-informed decisions, on costs, benefits, and practical implications of proposed changes to regulatory requirements;
- consider alternative suggestions for achieving particular regulatory objectives;
- promote understanding of the GFSC's overall objectives, and the reasons for the policies and procedures it adopts.
4. Consultation will generally be a public process, and will target the full range of interested parties, including:
- the Government;
- individuals, firms or groups with relevant expertise, or potential interest in a particular topic;
- trade associations;
- the Finance Centre Council.
5 The GFSC will consult observing a number of general principles. It will seek to:
- have informal discussions at an early stage with those likely to be directly affected;
- consult at an early enough stage to enable it to take any responses into account;
- produce reasoned proposals, expressed in plain, concise language appropriate for the audience;
- allow those consulted adequate time in which to respond, usually two calendar months;
- make all responses to formal consultation available for public inspection, at Government's disposal, or on the GFSC's Website www.fsc.gi, unless there are particular reasons not to do so or confidential information needs to be protected;
- after consultation on major policy issues, publish a reasoned explanation for our decisions.