Two British Crown dependencies in the English Channel, Alderney and Guernsey, are set to offer a joint regulation regime for brokers. This follows an agreement announced earlier today between Alderney’s gambling regulator and Guernsey’s financial regulator. The new cooperation is meant to make both islands an accommodating destination for the financial trading industry in the same way that the Isle of Man and Jersey did for similar industries.
Robin Le Prevost, the Director for Business Development for Alderney announced, “We were aware that the spread betting, CFD and binary options sector were looking for a quality jurisdiction from which to base their operations. We have often been approached, but the Alderney Gambling Control Commission (AGCC) has been unable to accommodate their requirements due to the investment nature of some of the products.The AGCC has been in discussions with the Guernsey Financial Services Commission over the demarcation of their respective remits and this collaboration is the result.”
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“The two organisations have combined their skill sets and will offer dual licensing covering the full range of products this sector specialises in. This means binary options, binary betting, contracts for differences and all types of spread betting can be covered by this dual licensing system.”
“Alderney is world renowned for its beneficial commercial environment, stable government and technical prowess and these compelling elements will remain and are indeed enhanced by Guernsey’s involvement. The combined benefits of the two islands offers a highly attractive location from which to base companies from this sector.”