Articles from 1998-2013

​In 2012 the Bailiwick of Guernsey together with the other Crown dependencies joined MONEYVAL. Who is MONEYVAL? MONEYVAL is a monitoring body of the Council of Europe. It is entrusted with assessing compliance with the principal international standards to counter money laundering and the financing of terrorism and the effectiveness of their implementation. It also makes recommendations to national...

​ For a number of years the Commission has been in a position to fast track the authorisation of Qualifying Investor Funds (“QIFs”) and the registration of Registered Collective Investment Schemes by placing reliance on the warranties provided by designated managers. The Commission considers that a similar approach can be taken in respect of the approval of investment compartments (i.e. sub-funds...

The Financial Services Commission (Bailiwick of Guernsey) Law, 1987, as amended (the "Financial Services Commission Law")The Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002 as amended (the "Insurance Managers and Intermediaries Law")The Protection of Investors (Bailiwick of Guernsey) Law 1987 (the "Protection of Investors Law")The Guernsey Financial Services...

The Financial Services Commission (Bailiwick of Guernsey) Law, 1987, as amended (the “Financial Services Commission Law”) The Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002 as amended (the “Insurance Managers and Intermediaries Law”)The Protection of Investors (Bailiwick of Guernsey) Law 1987 (the “Protection of Investors Law”)The Guernsey Financial Services...

​ Background During September 2013 the Commission released the second part of the two planned consultations to facilitate the requirements of the European Union’s Alternative Investment Fund Managers (“the Directive or "AIFMD”) into the local regulatory regime, so as to enable regulated entities flexibility in their product strategy with respect to fund management and marketing business within the...

​The Commission is aware that some individuals working at local financial services businesses have received email correspondence which invites them to apply for a position of employment. The activities of the entity making the offer may involve the laundering of criminal proceeds. The common characteristics of this approach are as follows: An email is sent allegedly from a company offering a...

​The Financial Services Business (Bailiwick of Guernsey) Law, 1987, as amended (“the Financial Services Commission Law”)The Insurance Business (Bailiwick of Guernsey) Law, 2002, as amended (“the Insurance Law”)The Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulations, 2007, as amended (“the Regulations”)The Handbook for Financial Services...

The Commission is today issuing Instruction (Number 20) for Financial Services Businesses and Instruction (Number 18) for Prescribed Businesses, copies of which can be accessed on the AML/CFT section of the Commission’s website. Business from Sensitive Sources Notices Instruction (Number 19) for Financial Services Businesses and Instruction (Number 17) for Prescribed Businesses are now repealed...

​ The Commission has received enquiries regarding the application of derogations granted under The Collective Investment Schemes (Class B) Rules 1990 (“Class B Rules 1990”). The Commission proposes that the same approach be taken as that used in respect of derogations of The Licensees (Conduct of Business) Rules, 2009 and the Licensees (Capital Adequacy) Rules, 2010. Therefore, the Commission...

The Commission can confirm that the Channel Islands Stock Exchange (CISX) is the subject of an on-going investigation in respect of certain of the CISX's historic activities. There are no investigations in respect of current matters. Due to the confidential nature of its investigation the Commission is unable to provide any further public comment.