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...

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...

​ 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...

Investment Funds The net asset value of total funds under management and administration has decreased in Sterling terms over the quarter ended 30 September 2013 by £19 billion (-6.6%) to £267 billion. For the year since 30 September 2012, total net asset values decreased by £7.4billion (-2.7%). In addition to net outflows during the quarter Sterling strengthened against the US Dollar and Euro...

Thursday, 5 December 2013 KEYNOTE SPEAKER Presentation Slides Speech - Sir Callum McCarthy DIRECTOR'S GENERAL ADDRESS Presentation Slides Speech - William Mason, Director General INTERNATIONAL REGULATORY DEVELOPMENTS Speech - Richard Walker, Special Advisor for International Affairs CHAIRMAN'S ADDRESS Speech - Cees Schrauwers Friday, 6 December 2013 SESSIONS 1 & 2 ​ FATF STANDARDS AND THE...

​ 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...