News

The Financial Services Commission (Bailiwick of Guernsey) Law, 1987 (the “Financial Services Commission Law”); The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 (the “Fiduciaries Law”); The Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulations, 2007 (the…

In enforcement cases, the Commission can seek to impose prohibitions on individuals to prevent them from continuing to work in the industry.  Often, such prohibitions have been time-limited, although the Commission could also issue lifetime prohibitions where the circumstances warranted such an approach. In a recent enforcement case, however, the sanctions imposed on the respondent by one of the…

The Commission has today, issued in final form, the revised Handbook on Countering Financial Crime and Terrorist Financing. This follows the approval of the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) (Amendment) Regulations, 2019 by the States of Guernsey on 12 June 2019.  These amendments introduce an activation date of 31 March 2019 for the application of measures relating to…

First Quarter 2019 Investment Funds   The net asset value of total funds under management and administration has decreased in Sterling terms during the quarter ended 31 March 2019 by £1.3 billion (0.5%) to £280.4 billion.  For the year since 31 March 2018, total net asset values increased by £17.9 billion (6.8%).  Open-ended Funds   Within these totals, Guernsey domiciled open-ended…

The Commission has today published revised guidance on the regulatory requirements for Private Trust Companies (“PTCs”) and the expectations of licensed fiduciaries which administer PTCs. The key revision to the guidance is the replacement of the previous requirement for a representative of an administering Full Fiduciary Licensee to sit on the board of a PTC with a more outcomes-based…

The Commission has issued an FAQ to those considering investing in mini-bonds. It can be found here.

Council Regulation (EU) No 267/2012, as implemented in the Bailiwick by the Iran (Restrictive Measures) (Guernsey) Ordinance, 2012, the Iran (Restrictive Measures) (Alderney) Ordinance, 2012 and the Iran (Restrictive Measures) (Sark) Ordinance, 2012, has been amended by Council Implementing Regulation (EU) 2018/855.  The effect of the amendments, which are automatically and immediately effective…

Please be advised that one entry on the list of individuals and entities associated with ISIL (Da’esh) and Al-Qaida maintained by the European Union under Council Regulation (EC) No 881/2002 has been removed by Council Implementing Regulation (EU) No 2019/850. These changes are automatically effective in the Bailiwick under the Al-Qaida (Restrictive Measures) (Guernsey) Ordinance, 2013…

Please be advised that the United Nations Security Council has removed one entry from the list of individuals and entities associated with ISIL (Da’esh) and Al-Qaida maintained under United Nations Security Council Resolution 1267.  All entities on the list are subject to restrictive measures which include targeted financial sanctions.  Further details are available here: …

Council Regulation (EC) No 36/2012, as implemented by the Syria (Restrictive Measures) (Guernsey) Ordinance, 2012, the Syria (Restrictive Measures) (Alderney) Ordinance, 2012 and the Syria (Restrictive Measures) (Sark) Ordinance, 2012, has been amended by Council Implementing Regulation (EU) No 2019/798.  The Implementing Regulation is available here:  Council Implementing Regulation (EU)…