Why Guernsey was right not to seek equivalence

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The authorities in Guernsey have announced they have no plans to seek equivalence under Solvency II. The joint announcement was issued by States of Guernsey Commerce & Employment Department and the Guernsey Financial Services Commission in January. It is straightforward and unambiguous but does nevertheless raise some questions.

Why was such an announcement necessary? After all not many authorities feel the need to issue statements of what they are not going to do. Other jurisdictions have

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