News

Consultation Paper on The Lending, Credit & Finance Rules, Guidance and Implementation: Meetings with Industry

12th August 2022
Following the recent publication of its Consultation Paper, setting out the draft Rules and approach for regulating the sectors covered by The Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022, the Commission will be hosting a series of meetings with the various sectors which will be affected by the legislation. The Commission will hold the meetings at its offices on Glategny Esplanade...

Sanctions Notice - Russia

2nd August 2022
Please be advised that the following individuals have been designated under the Russia (Sanctions) (EU Exit) Regulations 2019 (the UK regulations); Didier CASIMIRO Zeljko RUNJE 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 the Sanctions (Bailiwick of Guernsey)...

Specific Discretionary Exemptions from the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (“the Fiduciary Law”)

1st August 2022
Please be reminded that specific discretionary exemptions granted after 1 October 2019 were given a three year expiry date, in accordance with the Notice published on the Commission’s website on 1 October 2019. The relevant expiry date is detailed on each discretionary exemption letter granted thereafter. Discretionary exemptions granted or renewed after this date will begin to expire from October...

Sanctions Notice - Syria

26th July 2022
Please be advised that the following individuals and entity have been designated under the Syria (Sanctions) (EU Exit) Regulations 2019 (the UK regulations): Saleh AL ABDULLAH Nasser Deeb DEEB Ahmad Khalil KHALIL Issam SHAMMOUT SANAD PROTECTION AND SECURITY SERVICES The UK regulations are given effect within the Bailiwick under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey)...

Sanctions Notice - Russia

26th July 2022
Please be advised that 41 individuals and 1 entity 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_260722.pdf (publishing.service.gov.uk) The UK regulations are given effect within the Bailiwick under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey)...

AML/CFT Handbook Update and Gibraltar Instruction

21st July 2022
The Commission has today issued amendments to the country lists in Appendix C and Appendix I of the Handbook on Countering Financial Crime and Terrorist Financing reflecting the Financial Action Task Force’s updated list of jurisdictions under increased monitoring, which now includes Gibraltar. The amendments include the removal of Gibraltar from the list of equivalent jurisdictions in Appendix C...

Consultation Paper on The Lending, Credit & Finance Rules, Guidance and Implementation

21st July 2022
The Commission has today published a Consultation Paper setting out the Commission’s Rules and approach for regulating the sectors covered by The Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022, and is seeking feedback on its proposed Rules and approach. The purpose of the new Law, which was passed by the States of Guernsey on 14 July 2022, is to protect customers in the Bailiwick...

Commission consults on Fees for 2023

20th July 2022
The Commission today launches a consultation paper on proposals for increasing the licence fees paid by firms. The consultation period will close on Wednesday 14 September. The consultation paper is available on the Commission’s Consultation Hub. The Commission is consulting on an overall increase in fees of 9%. Other specific proposals to change fees are outlined in the consultation paper and...

Sanctions Notice - Russia

20th July 2022
Please be advised that UK has enacted the Russia (Sanctions) (EU Exit) (Amendment) (No. 12) Regulations 2022 (the No.12 regulations). The No.12 regulations amend the Russia (Sanctions) (EU Exit) Regulations 2019 (the UK regulations), which are given effect within the Bailiwick under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020 that have been made...

ITI Trade Limited

18th July 2022
ITI Trade Limited (trading as ITI Trade LTD.) (“the Company”) On 18 July 2022, the Guernsey Financial Services Commission, acting pursuant to powers granted to it under the Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020, made an application to the Royal Court for an administration management order in relation to the Company, a company licensed under the...