News

Articles from 2012

Firm Foundations – a conference on Guernsey Foundations

4th December 2012
Date - 11 January 2013Time - 9.00am till 1.00pm.Venue - Whittaker Hall, St James Concert & Assembly HallFee - £40.00 per delegateIt is anticipated that the Foundations (Guernsey) Law, 2012 will come into force at the beginning of January 2013. With this in mind, the Commission’s Fiduciary Services Division is hosting a half day conference on 11 January 2013 in the Whittaker Hall at St James...

Third Quarter 2012 Banking Sector Activity

27th November 2012
​Total deposits held with Guernsey banks at the end of September 2012 decreased 6.0% in sterling terms by £6.2 billion from the end of June 2012 level of £103.1 billion, down to £96.9 billion. This is 15.1% lower than the same time a year ago. Total assets and liabilities decreased by £7.7 billion to £123.5 billion representing a 5.9% decrease over the quarter and 11.5% lower than the level a year...

Dan Group Limited

27th November 2012
The Financial Services Commission (Bailiwick of Guernsey) Law, 1987, as amended (the "Financial Services Commission Law")The Banking Supervision (Bailiwick of Guernsey) Law, 1994 (as amended)The Guernsey Financial Services Commission (the "Commission") issues this notice pursuant to section 2(2)(e) of the Financial Services Commission Law.The Commission wishes to inform the public that Dan Group...

Hold the Date – Friday 11 January 2013

27th November 2012
“Firm Foundations” – a conference on Guernsey Foundations.It is anticipated that the Foundations (Guernsey) Law, 2012 will come into force at the beginning of January 2013. With this in mind, the Commission’s Fiduciary Services Division is hosting a half day conference on 11 January 2013 in the Whittaker Hall at St James.The conference will have the following speakers:Professor John Goldsworth...

Woodlock Financial Services (1998) Limited

26th November 2012
The Financial Services Commission (Bailiwick of Guernsey) Law, 1987, as amended (the "Financial Services Commission Law")The Banking Supervision (Bailiwick of Guernsey) Law, 1994 (as amended)The Guernsey Financial Services Commission (the "Commission") issues this notice pursuant to section 2(2)(e) of the Financial Services Commission Law.The Commission wishes to inform the public that the 6.75%...

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

14th November 2012
​The Commission has received a request from the Guernsey Investment Fund Association to re-examine the approvals process in respect of non-Guernsey schemes. This consultation is in respect of the application process relating to licensees seeking to undertake the restricted activities of administration and/or management in respect of an open-ended non-Guernsey collective investment scheme. The...

Revisions to Anti-Money Laundering Framework

12th November 2012
As part of its continuing commitment to ensuring that supervisory standards are up to date and appropriate, the Commission is preparing revisions to the regulations and rules governing anti-money laundering (AML) standards for financial services businesses ‘the Handbook’ and for prescribed businesses (firms of lawyers, accountants and estate agents). These revisions largely arise from the...

Commission works with industry to develop new regulatory operating platform

9th November 2012
​The electronic submission and collection of information between the finance sector and the Guernsey Financial Services Commission has moved one step closer with the formation of a joint industry working party. The Commission is to work closely with representatives of financial services businesses to arrive at a system that is intended to result in accurate, consistent and timely responses for...

Stress Testing - October 2012

5th November 2012
​ Stress Testing of the Guernsey Insurance Sector In 2011 the Commission conducted and reported upon a stress testing exercise in which the 28 largest insurers in Guernsey participated. The report published in December 2011 entitled “Stress Testing of the Guernsey Insurance Sector” is available on the Commission’s website. It had been the Commission’s intention to repeat that exercise in 2012...