News

Articles from 1998-2010

Hedge Funds Flexible Approach to Authorisation Policy

23rd February 2004
​The Guernsey Financial Services Commission conducted a consultation exercise between November 2003 and January 2004 on certain aspects of hedge fund operation. It has today published a document - Hedge Funds: Flexible Approach to Authorisation Policy - setting out the main policy conclusions it has reached from that consultation exercise. The full text of the framework policy document can be...

Fourth Quarter 2003 investment Statistics

16th January 2004
FUNDS EXCEED £55 BILLION Total sums under management increased by £4.3 bn over the quarter to reach £56.4 bn. The value of Guernsey open-ended funds reached £22.2 billion by end-December, an increase of 7.6% over the quarter and a remarkable 39.8% over the year as a whole. Closed-ended funds, reached a value of £19.6 billion at end-December. Although this showed limited (+0.4%) growth over the...

Launch of leaflet “FIGHTING CRIME & TERRORISM: YOU CAN HELP”

8th January 2004
​Joint Launch of Leaflet - Fighting Crime and Terrorism: You Can Help The Association of Guernsey Banks, in conjunction with the Guernsey Financial Services Commission, the States of Guernsey and the Financial Intelligence Service have issued a new leaflet called "FIGHTING CRIME & TERRORISM: YOU CAN HELP" (PDF format 535Kb available here). This leaflet will be issued to customers of local banks...

Statement on Introduced Business

18th December 2003
18 December 2003 The Commission is issuing this statement on introduced business, in order to provide financial services businesses with a clear statement of the standard which it will adopt in the revised Guidance Notes on the Prevention of Money Laundering and Countering the Financing of Terrorism, following the introduction on 20 June 2003 of the revised Forty Recommendations by the Financial...

The IMF Assessment of the Supervision and Regulation of the Financial Sector

28th November 2003
In November 2003 the International Monetary Fund (IMF) issued a report on its evaluation of Guernsey’s financial regulation and law enforcement standards. This assessment was part of its programme of assessments of the regulatory standards of all financial centres. The IMF concluded that Guernsey has ‘a high level of compliance’ with each of the international standards against which the Bailiwick...

IMF Assessment of the Supervision and Regulation of the Financial Sector

25th November 2003
​Guernsey Secures Independent, International Commendation for Regulatory and Law Enforcement Standards Press Release 25 November 2003 Guernsey's financial regulation and law enforcement standards are commended in a report published today by the International Monetary Fund (IMF). Guernsey has been assessed by the IMF to have 'a high level of compliance' for each of the international standards...

GFSC Commences Hedge Fund Consultation

17th November 2003
The Guernsey Financial Services Commission today issued for consultation a document, "The regulatory framework for Hedge Funds in Guernsey", setting out a range of practical issues which are faced by the growing number of hedge funds domiciled in Guernsey, and seeking views from interested parties on those issues and the solutions which may be available. The paper, which is obtainable from the...

Closed ended investment Funds - Commission Guidance Clarifies Policy to Assist Fund Sponsors

10th November 2003
The following guidance is issued by the Guernsey Financial Services Commission under the provisions of Section 12(3) of the Control of Borrowing Ordinance 1959, as amended. It is intended to assist sponsors of closed-end investment funds in preparing applications for consent, and to help them avoid unnecessary delay. The guidance sets out the Commission's usual expectations for the content of...

Third Quarter 2003 Investment Statistics

7th November 2003
​New record levels for the value of open-end, closed-end and non-Guernsey schemes administered in the Bailiwick were reported at the end of September, taking sums under management above £50 billion for the first time. Total sums under management increased by 11.9% in the three months to the end of September 2003 to reach a new record high of £52.1 billion. Within that total, open-ended funds...