Articles from 2011

​The restrictive measures in place against certain persons, entities and bodies in view of the situation in Libya have been modified. The States of Guernsey press release can be found at http://www.gov.gg/sanctionslibya

​ The Commission has today issued the Finance Sector Code of Corporate Governance. A copy of the press release and the Code can be found below: Press release Code of Corporate Governance

The States of Guernsey has adopted further restrictive measures against certain persons, entities and bodies in view of the situation in Syria. A link to the States of Guernsey press release can be found at here .

The Commission has written today to all financial services businesses and prescribed businesses in the following terms: A number of financial services businesses have asked the Commission about the implications of the United Kingdom Bribery Act 2010 to the Bailiwick. The Act came into force on 1 July 2011. While not directly effective in this jurisdiction, it may nevertheless apply to people in...

Mr Nicpon was a director and shareholder of International Alliance Insurance Limited, which was placed into compulsory liquidation on 4 April 2006 by the Royal Court on application by the Commission. International Alliance Insurance Limited was not licensed under The Insurance Business (Bailiwick of Guernsey) Law, 2002 (“the Law”) to undertake insurance business in or from within Guernsey. In 2005...

​ THE Guernsey Financial Services Commission has promoted Caroline Bradley to Deputy Director of the Insurance Division. Mrs Bradley joined the GFSC in 2008 after a long career in insurance. Having started out as a graduate trainee with a major UK insurer, she specialised as a loss adjuster, then, on moving to Guernsey, she spent 13 years working in captive management dealing with all types of...

The Guernsey Financial Services Commission and Germany’s banking, insurance and securities regulator, BaFin, have signed a Memorandum of Understanding (MoU), which provides a framework for enhanced cooperation between the two supervisory authorities. The MoU has been signed in the spirit of mutual cooperation and information exchange seen as crucial by the G20 countries and international standard...

​ The States of Guernsey has implemented certain specific restrictive measures against individuals, groups, undertakings and entities in view of the situation in Afghanistan. A link to the States of Guernsey press release can be found at here .

The Insurance Business (Approved Assets) Regulations, 2008 (“the Approved Asset Regulations”) The Commission confirms that US Government debt securities, despite the downgrading from AAA to AA+ by S&P, may continue to be treated as class 1 assets for solvency purposes whilst they remain rated AAA by Fitch and Aaa by Moody’s. Fitch Ratings and Moody’s Investors Service are included on the...