News

Articles from 1998-2010

Landsbanki Guernsey Limited in administration

7th October 2008
​Last night the Directors of Landsbanki Guernsey Limited made an application to the Royal Court for the Court to appoint an administrator under Guernsey’s company law. The Court has appointed Mr Rick Garrard of Deloitte and Touche LLP with a view to achieving the survival of the bank, and the whole or any part of its undertaking, as a going concern. The administration is on a temporary basis until...

Fast Track Application Process for Specified Licensees associated with Qualifying Investor Funds or registered Closed-ended Investment Funds

1st October 2008
​In recent years, the Commission has introduced “fast track” application processes for Qualifying Investor Funds and Registered Closed-ended Investment Funds. Associated management entities requiring licences needed, however, to go through the Commission’s full assessment process. Earlier this year the Guernsey Financial Services Commission announced that it was consulting on proposals to...

IAIS Insurance Fraud and Solvency Subcommittee Meetings

23rd September 2008
PRESS RELEASE​ Guernsey Plays Host to IAIS Insurance Fraud and Solvency Subcommittee Meetings The Guernsey Financial Services Commission played host to meetings last week of two committees of the International Association of Insurance Supervisors. Both meetings were held at St James. The Insurance Fraud Subcommittee was hosted by Diane Colton, the Director of Insurance at the GFSC who is the chair...

The Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) (Amendment) Regulations, 2008 and the associated Handbook

10th September 2008
On 8 September the Policy Council signed the Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) (Amendment) Regulations, 2008. The main changes to the December 2007 regulations for financial services businesses created by the amendment regulations include: 1. The introduction of a requirement for regulated financial services businesses to register with the...

The Criminal Justice (Proceeds of Crime) (Legal Professionals, Accountants and Estate Agents) (Bailiwick of Guernsey) Regulations 2008 and the associated Handbook

9th September 2008
In May the Commission consulted on a proposed AML/CFT framework for firms of legal professionals, accountants and estate agents when carrying out specified activities. Firms carrying out the specified activities are “prescribed businesses” for the purposes of the AML/CFT framework. Following the consultation, the final version of the Criminal Justice (Proceeds of Crime) (Legal Professionals...

Draft Prospectus Rules and Registered Collective Investment Schemes Rules 2008

5th September 2008
​Following approval of the Protection of Investors (Bailiwick of Guernsey) (Amendment) Law, 2007 (“POI Amendment Law”) by the States of Guernsey at its meeting in December 2007, the Investment Business Division has been working on draft rules to take account of the changes to be brought in by the POI Amendment Law. At the date of this consultation document it is anticipated that the POI Amendment...

The Draft of the Closed Investment Schemes (Disclosure and Notification) Rules

8th August 2008
Following approval of the Protection of Investors (Bailiwick of Guernsey) (Amendment) Law, 2007 (“POI Amendment Law”) by the States of Guernsey at its meeting in December 2007, the Investment Business Division has been working on draft rules to take account of the changes to be brought in by the POI Amendment Law. At the date of this consultation document it is anticipated that the POI Amendment...

Second Quarter 2008 Banking Sector Activity

6th August 2008
​Total deposits held with Guernsey banks at the end of June 2008 decreased in Sterling terms by £1.4 billion from the end of March 2008 level of £129.5 billion to £128.1 billion, representing a 1.1% decrease over the quarter. That level of deposits was still 18.5% up on the level at end June 2007. Total assets and liabilities fell by £1.7 billion representing a 1.2% fall over the quarter to £144.4...

Second Quarter 2008 Investment Statistics

6th August 2008
Funds under management and administration grew by £3.4 billion (1.7%) over the quarter ended June 2008 to reach a total of £207.2 billion. For the year since 30 June 2007, values increased by £51.6 billion, an increase of 33.2%. Within these totals, Guernsey domiciled open-ended funds grew by £2.2 billion (3.1%) over the quarter and by £11.1 billion (17.7%) over the year since 30 June 2007 to...