Alderney and Guernsey authorities reveal dual licensing plan

Alderney and Guernsey authorities reveal dual licensing plan

Monday, October 20, 2014 Totally Gaming

The Alderney Gambling Control Commission (AGCC) and the Guernsey Financial Services Commission have entered into a partnership in order to begin offering dual licensing to companies in the spread betting industry.

The two English Channel islands will now work alongside each other to jointly regulate binary options and CFD trading platforms. 

Both islands have already attracted a number of gambling companies and the latest move could see more operators push for regulation from the authorities.

Robin Le Prevost, director for business developments for Alderney, said the new partnership offers various benefits for both islands as well as those operators that opt to pursue regulation. 

“We were aware that the spread betting, CFD and binary options sector were looking for a quality jurisdiction from which to base their operations,” Le Prevost said. “We have often been approached, but the 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. The two organisations have combined their skill sets and will offer duel 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.”

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