News

Articles from 2012

Update to Appendix C of the Handbooks

24th December 2012
In advance of most of the changes to the AML/CFT framework referred to in our media release of 12 November 2012, the Commission has today amended Appendix C to the Handbook for Financial Services Businesses on Countering Financial Crime and Terrorist Financing and the Handbook for Legal Professionals, Accountants and Estate Agents on Countering Financial Crime and Terrorist Financing. A version of...

Corporate Governance

21st December 2012
In September 2011 the Commission issued the Finance Sector Code of Corporate Governance. The introduction states that from 2012 we will require an assurance statement from companies subject to the Code, confirming that the directors have considered the effectiveness of their corporate governance practices and are satisfied with their degree of compliance with the Principles set out in the Code or...

Revised Approvals Process For Licensees Undertaking Administration and/or Management Of Non-Guernsey Schemes

21st December 2012
​The Commission has considered the feedback received from its consultation on the approvals process for licensees undertaking administration and/or management of non-Guernsey schemes. Respondents agreed with the two-day fast-track approach, and the abolition of the Qualifying Investor Fund regime in respect of approvals for the administration and/or management of non-Guernsey schemes. However...

Cloning of websites

21st December 2012
The Commission has noticed an increase in the incidents of genuine websites being cloned to support fraudsters in committing various types of scams. The offending sites have included clones of legitimate licensees and investment funds.Licensees are encouraged to regularly check that their websites have not been cloned in such a fashion. If a cloned site is discovered, please contact the Commission...

Consultation on Code of Practice - Foundation Service Providers

18th December 2012
It is anticipated that the Foundations (Guernsey) Law, 2012 will come into force at the beginning of January 2013. With this in mind, The Guernsey Financial Services Commission (“Commission”) is proposing to create a Code of Practice for Foundation Service Providers to sit alongside the existing Code of Practice for Trust Service Providers and Code of Practice for Corporate Service Providers. The...

2013 Investment Division Annual Fees

13th December 2012
​Please note that invoices for 2013 annual fees will be issued in December 2012 and therefore payment is expected for the following: Current Licensees Current Open-ended Schemes (and their underlying cell classes, sub-funds) Current Closed-ended Schemes Current Non-Guernsey Schemes Exempt Funds - authorised after 2009 If any of the above will not continue in 2013 and therefore should not be...

Industry fees to be increased by 2 per cent for all sectors

12th December 2012
Fee increases for 2013 proposed by the Guernsey Financial Services Commission are to be capped at two per cent across all sectors, following consultation. Originally it was proposed that there would be a two per cent increase in the general fees tariff except in the case of insurance cells, where significant increases for applications and annual fees were proposed to compensate for the increasing...

Industry Presentations - 23 November 2012

6th December 2012
​ MORNING SESSION Speech - Nik van Leuven, Director General Speech - Richard Walker, Director of Policy and International Affairs Speech - Samantha Sheen, Legal Counsel AFTERNOON SESSIONS Fiduciary Division Presentation slides Speech - Philip Nicol-Gent, Director Speech - Fiona Crocker, Deputy Director Investment Business Division Presentation slides Speech - Carl Rosumek, Director Speech - Emma...

COBO and Alderney Company Law

5th December 2012
On 28 November the States of Guernsey approved the repeal of the remaining provisions of the Control of Borrowing (Bailiwick of Guernsey) Ordinance 1959. The repeal legislation will be put before the States as soon as possible - this is expected to be in February/March 2013. The States of Alderney approved the Companies (Alderney) (Amendment) Law, 2012 (Commencement) Ordinance, 2012 at its meeting...

Third Quarter 2012 Investment Statistics

4th December 2012
FUNDS UNDER MANAGEMENT INCREASE OVER QUARTER STATISTICS FOR NON-FUND INVESTMENT SECTOR RELEASED Investment Funds The net asset value of total funds under management and administration has increased over the quarter ended 30 September 2012 by £3.6 billion (1.3%) to reach £274.4 billion. For the year since 30 September 2011, total net asset values increased by £3.3 billion (1.2%). Within these...