News

Articles from 2012

Mr Roger Walter Francis Taylor

27th February 2012
​Mr Taylor was the managing director and shareholder of Sartor Resources Limited (“Sartor”), an insurance manager licensed under The Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002, as amended. Sartor’s licence was revoked by the Commission with effect from 9 July 2010.Mr Taylor was convicted in November 2010 of 9 counts of money laundering and sentenced in...

FATF identifies jurisdictions with strategic deficiencies

20th February 2012
​In order to protect the international financial system from money laundering and terrorist financing, the FATF has published two public documents, identifying countries with strategic deficiencies regarding anti-money laundering and combating the financing of terrorism (AML/CFT). A link to the documents can be found here.

Consultation on the Draft of the Authorised Collective Investment Schemes (Class B) Rules 2012

9th February 2012
​ The Collective Investment Schemes (Class B) Rules 1990 (“the 1990 Rules”) came into operation on 1 October 1990. Whilst the 1990 Rules have been subject to various amendments they have not previously been the subject of a detailed review. In light of amendments made to the rules relating to Class A open-ended collective investment schemes and the introduction of rules covering authorised closed...

Data Security Thematic Review

6th February 2012
​The Commission has issued a Thematic Report on Data Security Practices within the Banking Sector of the Bailiwick of Guernsey. Data Security Review February 2012 - A Thematic Report on Practices within the Banking Sector of the Bailiwick of Guernsey

Changes to the AML/CFT Handbooks

1st February 2012
The Commission has made a number of changes to the Handbook for Financial Services Businesses on Countering Financial Crime and Terrorist Financing and to the Handbook for Legal Professionals, Accountants and Estate Agents on Countering Financial Crime and Terrorist Financing. The principal changes are to the chapters on UN, EU and Other Sanctions. A copy of the Handbook for Financial Services...

Reminder Annual Fees due by 31st January 2012

20th January 2012
​ GUERNSEY FINANCIAL SERVICES COMMISSION ANNUAL FEES 2012 All businesses, entities and individuals licensed by or registered with the Guernsey Financial Services Commission are reminded that the payment of annual fees to the Commission are due by 31 January 2012. Failure to pay by the due date constitutes a breach of the fees regulations and may be recoverable as a civil debt due to the Commission...

GFSC prepares to implement Independent Evaluation Review recommendations

18th January 2012
​GFSC prepares to implement Independent Evaluation Review recommendations A TEAM has been created at the Guernsey Financial Services Commission to plan the implementation of recommendations in Ernst & Young’s Independent Evaluation Review (IER). The team is assisted by Ernst & Young personnel with Neville Johnson, of the Commission, leading as Implementation Director. An implementation plan to...

Information Relating to: Changes to Information Particulars; Changes of Designated Persons; Extensions to Licences

10th January 2012
​The Commission has added the following documents / information to its website: an explanatory note regarding any proposed changes to Information Particulars for Authorised and Registered Collective Investment Schemes (which may be found here); a note of the Commission’s expectations relating to any proposed changes of Designated Persons for Authorised and Registered Collective Investment Schemes...

Decisions Committee Process

6th January 2012
​The New Decisions Committee Process, which replaces the February 2009 Decisions Committee Procedures, is now available from the link below: Decisions Committee Process