The Committee for Economic Development - P.2020/17
The States are asked to decide: -
Whether, after consideration of the Policy Letter dated 30th January 2020, of the Committee forEconomic Development, they are of the opinion:-
1. to agree to amend the definition of 'merger or acquisition' and 'joint venture' as set out in paragraphs 4.1 to 4.5;
2. to agree to repeal the provision that no right, title, or interest shall pass in any property or shares on transactions that have not been notified to the Guernsey Competition and Regulatory Authority (the "GCRA"), and replace it with an ability for the GCRA to impose financial penalties for failure to notify a transaction that attracts mandatory notification, as set out in paragraphs 4.6 to 4.8;
3. to agree to insert an explicit exemption regarding the transactions set out at paragraphs 4.9 to 4.11, relating to financial institutions; and
4. to direct the preparation of such legislation as may be necessary to give effect to the above decisions.
The above Propositions have been submitted to Her Majesty's Procureur for advice on any legal or constitutional implications in accordance with Rule 4(1) of the Rules of Procedure of the States of Deliberation and their Committees.
