News

Articles from 2012

First Quarter 2012 Banking Sector Activity

1st June 2012
​ Total deposits held with Guernsey banks at the end of March 2012 decreased 6.1% in sterling terms by £6.5 billion from the end of December 2011 level of £107.5 billion, down to £101 billion. This is 10.5% lower than the same time a year ago. Total assets and liabilities decreased by £5.3 billion to £128.3 billion representing a 4.0% decrease over the quarter and this was 6.6% lower than the...

Consultation on Changes to AML/CFT Regulations and Handbooks

1st June 2012
The Commission has written to the managing directors of all financial services businesses today, seeking comments on proposed changes to the Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulations, 2007 (the “Regulations”), the Handbook for Financial Services Businesses on Countering Financial Crime and Terrorist Financing (the “Handbook”)...

First Quarter 2012 Investment Statistics

24th May 2012
VALUE OF GUERNSEY FUNDS UNDER MANAGEMENT INCREASES OVER QUARTER STATISTICS FOR NON-FUND INVESTMENT SECTOR RELEASED Investment Funds The value of Guernsey Funds has increased over the quarter ended 31 March 2012 with the net asset value of total funds under management and administration up by £8.7 billion (3.3%) to reach £270.1 billion. For the year since 31 March 2011, total net asset values...

Fiduciary Annual Return 2012

21st May 2012
The 2012 Fiduciary Annual Return forms will be available from next month to download from the Commission’s website. A number of changes are proposed which will provide the Commission with real time information on the fiduciary sector. These changes are:- To bring the collection of statistics on assets under trusteeship within the Annual Return for this year. The asset classes that licensed...

The Finance Sector Code of Corporate Governance – Assurance Statement

8th May 2012
This news item has been republished as since its release a number of clarifications have been sought. The Finance Sector Code of Corporate Governance (“the Code”), issued in September 2011 with an effective date of 1 January 2012, stated the GFSC will require an assurance statement from companies confirming that the directors have considered the effectiveness of their corporate governance...

New Sanction Measures against Iran

11th April 2012
The States of Guernsey has adopted new sanction measures against Iran. The new sanctions carry forward the existing sanctions, introduce additional categories or persons as being subject to asset freezing provisions, and extend certain restrictions to the provision of insurance or reinsurance. Financial services businesses and prescribed businesses will need to familiarise themselves with the new...

The Finance Sector Code of Corporate Governance – Assurance Statement

7th March 2012
​The Finance Sector Code of Corporate Governance (“the Code”), issued in September 2011 with an effective date of 1 January 2012, stated the GFSC will require an assurance statement from companies 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 the...

Fourth Quarter 2011 Investment Statistics

2nd March 2012
​ GUERNSEY FUNDS CONTINUE TO BE IMPACTED BY UNCERTAINTY IN EUROZONE AS TOTAL FUNDS UNDER MANAGEMENT DECREASES OVER QUARTER Investment Funds The uncertainty in the Eurozone and subsequent upheaval in the international markets appears to have had a continued impact on Guernsey Funds with the net asset value of total funds under management and administration decreasing by £10.2 billion (-3.7%) over...

Fourth Quarter 2011 Banking Sector Activity

27th February 2012
​Total deposits held with Guernsey banks at the end of December 2011 decreased 5.8% in sterling terms by £6.7 billion from the end of September 2011 level of £114.2 billion, down to £107.5 billion. This is 3.1% lower than the same time a year ago. Total assets and liabilities decreased by £5.9 billion to £133.6 billion representing a 4.2% decrease over the quarter although this was just 0.4% lower...