Articles from 2009

​It has been brought to the Commission's attention that the above-named entity is operating a web site with an address of www.crystalixlondon.com.The web site indicates that CRYSTALIX LONDON provide offshore multi–manger funds which are structured as Protected Cell Companies (PCCs) domiciled in Guernsey. The purpose of this notice is to warn potential investors that the company is not licensed...

The above named company is a company incorporated under the laws of The Bahamas with registration number 34,965B. The purpose of this notice is to clarify that Guernsey Corporate Secretaries Limited is not a Guernsey company, nor is it licensed, authorised or in any way regulated by the Commission to carry out corporate secretarial or other regulated fiduciary activities under The Regulation of...

​It has been brought to the Commission's attention that a website has been operating using the trading name of Reality Millions. The site claims that an entity registered as an "International Business and Investment Trust Company" under the name RM Private Trust, also known as ITBG Securities Underwriters Corporation, has its home jurisdiction in the Channel Islands. The Commission wishes to...

​It has been brought to the Commission’s attention that the website www.sigmaforex.com associated to Sigma Forex contains a link to the Commission’s own website and implies that the company complies with Guernsey regulations. The Commission wishes to advise that Sigma Forex is not licensed, registered or in any way authorised to conduct any financial services business in or from within the...

Currently when Guernsey insurers, including captives, accept reinsurance from EU domiciled insurers, the EU insurer is normally able to take account of the ceded reinsurance in determining its own solvency capital requirements. Under the EU Solvency II Directive, which will come into force in the third quarter of 2012, EU insurers will only be able to take full account of reinsurance ceded to...

I​t has been brought to the Commission's attention that the above-named entity is operating a website with an address of www.cl-investing.com. The web site indicates that CL INVESTING provides offshore multi–manger funds which are structured as Protected Cell Companies (PCCs) domiciled in Guernsey. The purpose of this notice is to warn potential investors that the company is not licensed...

Following the Guernsey Court of Appeal decision handed down on 19 May 2009, the Commission has revoked the licence held by Canivet Webber Financial Services Limited as an insurance intermediary with effect from 19 May 2009 in accordance with section 9 of The Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002 as amended.

The Commission has updated the Codes of Practice issued under section 35 of the Fiduciary Law. The changes, which come into force on 1 August 2009, can be summarised as follows: The names of the AML/CFT legislation and the AML Handbook have been updated. The names of the trust and company laws and related terminology have been updated. The description of the “four-eyes” requirement has been...

The Policy Council have signed the Criminal Justice (Proceeds of Crime) (Legal Professionals, Accountants and Estate Agents) (Bailiwick of Guernsey) (Amendment) Regulations, 2009. The main change to the 2008 regulations created by the amendment regulations is a requirement that senior management sign off is needed for all new high risk relationships and not only for new PEP relationships. The...