News

Articles from 1998-2010

GICMA Seminar 26 November 2008

26th November 2008
​A seminar for members of GICMA (the Guernsey Insurance Company Managers Association) took place on 26 November 2008. The seminar provided an opportunity for the Insurance Division to update the insurance sector on the recent stress testing exercise carried out prior to the IMF visit and the latest developments regarding the OSCA (Own Solvency Capital Assessment) requirements. During the seminar...

Amendments to Schedules 1 and 2 to the Proceeds of Crime Law, etc.

26th November 2008
On 24 November the States of Guernsey Policy Council signed the following amendment regulations which come into force on 1 December 2008: The Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999 (Amendment of Schedules 1 and 2) Regulations, 2008 The Registration of Non-Regulated Financial Services Business (Bailiwick of Guernsey) Law, 2008 (Schedule 1 Amendment) Regulations, 2008...

Lloyd's

11th November 2008
PRESS RELEASE The Commission is pleased to announce that it has been working closely with Lloyd’s to identify an appropriate structure which will facilitate the growth of Lloyd’s business in Guernsey. To this end, new regulations were approved by the States of Guernsey on 3 November and signed by the Commission’s Chairman on 7 November. The new framework will allow Lloyd’s syndicates to establish...

The Authorised Collective Investment Schemes (Class A) Rules 2008

10th November 2008
​Background Following initial discussions with the UK Financial Services Authority (“FSA”) and HM Treasury in 2006 the Investment Business Division initiated a project to revise the existing Guernsey Class A open-ended fund rules to bring them into line with more liberal developments in the European Union. The revised rules, based on the UK’s New Collective Investment Scheme Sourcebook (“UK COLL...

Third Quarter Investment Statistics 2008

6th November 2008
GLOBAL CONDITIONS IMPACT GUERNSEY INVESTMENT FUNDS Total funds under management and administration fell by £5.8 billion (2.8%) over the quarter ended 30 September 2008 to £201.4 billion. For the year since 30 September 2007, values increased by £36.9 billion, an increase of 22.4%. Within these totals, Guernsey domiciled open-ended funds fell by £8 billion (10.8%) over the quarter to £65.7 billion...

Landsbanki Guernsey Limited (in administration) - important developments

16th October 2008
The Guernsey Financial Services Commission fully sympathises with the concerns of depositors in Landsbanki Guernsey Limited (in administration) and their very considerable distress and suffering. We continue to work long and hard with a view to achieving the best possible outcome for depositors. Important developments took place yesterday evening in connection with Landsbanki Guernsey. The Court...

Other sources of relevant information on Landsbanki Guernsey Limited

16th October 2008
​Copies of statements, and questions and answers, on Landsbanki Guernsey Limited in Administration issued by the bank's administrators and by the Guernsey political authorities are available below:Press release 10 October 2008 by the States of Guernsey Policy Council - Chief Minister Statement on Landsbanki Press release 15 October 2008 by the States of Guernsey Policy Council - Policy Council...