News

Sanctions Notice - Russia

1st December 2022
Please be advised that 22 individuals have been designated under the Russia (Sanctions) (EU Exit) Regulations 2019 (the UK regulations). The names of these individuals and entities are available here- Notice_Russia_301122.pdf (publishing.service.gov.uk) The UK regulations are given effect within the Bailiwick under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit)...

Update on the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022

28th November 2022
In July 2022, the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 (the “Law”) was approved by the States of Guernsey, the States of Alderney and the Chief Pleas of Sark. A Commencement Ordinance, passed last Friday, confirmed that the Law will come into effect in two stages. Various provisions come into effect from 1 January 2023 which will allow the Commission to put in place its...

Consultation on ‘six directorship’ exemption for directors

24th November 2022
The Policy & Resources Committee has today published a Consultation Paper seeking views on a proposed change to the requirements which affect some individuals acting as company directors, by way of business, in or from within the Bailiwick. The Commission encourages industry and stakeholders to contribute their feedback. Acting as a director for any company in the Bailiwick, by way of business...

AML/CFT Handbook Update

16th November 2022
Appendix H The Commission has today updated Appendix H of the Handbook as a result of the FATF's announcement that it has added Myanmar to its list of jurisdictions subject to a call for action. Myanmar was previously on the FATF’s list of jurisdictions under increased monitoring. Appendix H of the Handbook identifies those countries and territories which the FATF has listed as high risk. Firms...

Sanctions Notice - Iran

15th November 2022
Please be advised that 24 entries have been designated under the Iran (Sanctions) (Human Rights) (EU Exit) Regulations 2019 (the UK regulations). The UK regulations are given effect within the Bailiwick under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020 as amended, that have been made under the Sanctions (Bailiwick of Guernsey) Law, 2018 (the...

Commission Fees for 2023

11th November 2022
The Commission plans to increase licence fees paid by firms from 1 January 2023 by 8.0% with the agreement of the Policy & Resources Committee. On 20 July 2022, the Commission issued a consultation paper on the fee rates and administrative penalties to apply from 1 January 2023, which contained the following proposals: an overall proposed increase in fees of 9%; application and annual fees in...

Occasional Staff Paper

8th November 2022
Nick Royle, a Commission Analyst, in this paper, sets out some perspectives on how regulators - particularly those in larger jurisdictions - might help correct for market failings and encourage corporate entities and their financial backers to invest in ways likely to help the world deliver COP 26 climate change mitigation targets. He wrote the paper in a private capacity as a submission for a...

Notice Regarding the Modification of the Licensees (Capital Adequacy) Rules, 2021 for Certain Classes of Licensee

3rd November 2022
The Commission has today issued a notice setting out a modification of the Licensees (Capital Adequacy) Rules, 2021 for any licensee under the Protection of Investors (Bailiwick of Guernsey) Law, 2020 (“the POI Law”) which does not have a physical presence in the Bailiwick, is administered by another licensee in the Bailiwick and which is a general partner, manager or investment adviser of a...

Sanctions Notice - Russia

2nd November 2022
Please be advised that Alexander Grigoryevich Abramov Alexander Vladimirovich Frolov Airat Mintimerovich Shaimiev Albert Kashafovich Shigabutdinov have been designated under the Russia (Sanctions) (EU Exit) Regulations 2019 (the UK regulations). The UK regulations are given effect within the Bailiwick under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations...

Sanctions Notice - Russia

31st October 2022
Please be advised that the Russia (Sanctions) (EU Exit) Regulations 2019 (the UK regulations) have been amended by the Russia (Sanctions) (EU Exit) (Amendment) (No. 15) Regulations 2022 (the amending regulations). The UK regulations are given effect within the Bailiwick under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020 that have been made under...