General

Further to the publication of a news article on our website on exemptions from licensing – personal directorships on 12 June, the Commission has updated the news article to provide further clarification: On 5 June 2023, the Regulation of Fiduciaries etc (Bailiwick of Guernsey) (Amendment) Regulations, 2023 were made by the Policy & Resources Committee (the “Committee”). These Regulations, which...

The Commission maintains a panel of ‘Senior Decision Makers’ who determine the outcome of the Commission’s major enforcement cases. A Senior Decision Maker, sitting alone, hears those cases involving findings of serious regulatory shortcomings against a licensee and / or individual directors and where those findings are contested. As part of the process [1] , Senior Decision Makers are also...

On 5 June 2023, the Regulation of Fiduciaries etc (Bailiwick of Guernsey) (Amendment) Regulations, 2023 were made by the Policy & Resources Committee (the “Committee”). These Regulations, which are to be laid before the States meeting on 5 July and which come into operation on 8 July, expand the available licensing exemptions for certain categories of personal directorship activity. The...

Today a consultation paper has been issued on the proposed additional rules and guidance for virtual asset service providers (“VASPs”) and specified businesses with a connection to, or involvement with, virtual assets, on how to meet the requirements of Schedule 3 to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law 1999 (“the POC Law”) and rules in the Handbook on Countering...

The Commission has today published its 2022 annual report and financial statements . In the annual report, the Commission discusses: the increased risks faced by the financial services sector as a result of high inflation and rising interest rates; its continued development of digital technology to enhance performance; its work with Guernsey Finance and others to develop the Bailiwick’s...

Additional Question The 2023 Fiduciary Annual Return, which will be available on licensees' timelines on 27 May 2023, includes the following additional question: Breakdown of business by geography for trusts, foundations, companies and partnerships. Currently fiduciary licensees are required to identify the country of residence of the settlor of a trust, the founder of a foundation or the...

Following publication by the Royal Court, we are making available the judgment of the Deputy Bailiff given in response to Mr Kelham’s appeal against the sanctions imposed on him by the Commission’s Senior Decision Maker. Those sanctions were covered separately in the public statement we issued on 18 May 2023 following Mr Kelham’s decision not to further appeal the matter. This appeal hearing was...

The Financial Services Commission (Bailiwick of Guernsey) Law, 1987 (the “Financial Services Commission Law”); The Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulations, 2007 as amended (“the Regulations”). The Handbook for Financial Services Businesses on Countering Financial Crime and Terrorist Financing (“the Handbook”). The Principles of the...

We are preparing to ask the Guernsey Court of Appeal to review legal aspects of the judgment handed down in this matter on 18 April 2023 because some of the reasoning and interpretation of the law contained in the judgment does not align with our understanding of our statutory duties and powers - as endorsed by the Royal Court and Guernsey Court of Appeal in prior judgments concerning appeals...