News

Articles from 2013

MONEYVAL Visit - October 2014

23rd December 2013
​In 2012 the Bailiwick of Guernsey together with the other Crown dependencies joined MONEYVAL. Who is MONEYVAL? MONEYVAL is a monitoring body of the Council of Europe. It is entrusted with assessing compliance with the principal international standards to counter money laundering and the financing of terrorism and the effectiveness of their implementation. It also makes recommendations to national...

David John Merrien

19th December 2013
The Financial Services Commission (Bailiwick of Guernsey) Law, 1987, as amended (the "Financial Services Commission Law")The Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002 as amended (the "Insurance Managers and Intermediaries Law")The Protection of Investors (Bailiwick of Guernsey) Law 1987 (the "Protection of Investors Law")The Guernsey Financial Services...

New Fast Track Application Process for Investment Compartments of Existing Registered Collective Investment Schemes and Qualifying Investor Funds

19th December 2013
​ For a number of years the Commission has been in a position to fast track the authorisation of Qualifying Investor Funds (“QIFs”) and the registration of Registered Collective Investment Schemes by placing reliance on the warranties provided by designated managers. The Commission considers that a similar approach can be taken in respect of the approval of investment compartments (i.e. sub-funds...

David John Merrien

19th December 2013
The Financial Services Commission (Bailiwick of Guernsey) Law, 1987, as amended (the “Financial Services Commission Law”) The Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002 as amended (the “Insurance Managers and Intermediaries Law”)The Protection of Investors (Bailiwick of Guernsey) Law 1987 (the “Protection of Investors Law”)The Guernsey Financial Services...

THIRD QUARTER 2013 - INVESTMENT SECTOR STATISTICS:

18th December 2013
Investment Funds The net asset value of total funds under management and administration has decreased in Sterling terms over the quarter ended 30 September 2013 by £19 billion (-6.6%) to £267 billion. For the year since 30 September 2012, total net asset values decreased by £7.4billion (-2.7%). In addition to net outflows during the quarter Sterling strengthened against the US Dollar and Euro...

Industry Presentations - 5 & 6 December 2013

18th December 2013
Thursday, 5 December 2013 KEYNOTE SPEAKER Presentation Slides Speech - Sir Callum McCarthy DIRECTOR'S GENERAL ADDRESS Presentation Slides Speech - William Mason, Director General INTERNATIONAL REGULATORY DEVELOPMENTS Speech - Richard Walker, Special Advisor for International Affairs CHAIRMAN'S ADDRESS Speech - Cees Schrauwers Friday, 6 December 2013 SESSIONS 1 & 2 ​ FATF STANDARDS AND THE...

The AIFMD Rules, 2013

2nd December 2013
​ Background During September 2013 the Commission released the second part of the two planned consultations to facilitate the requirements of the European Union’s Alternative Investment Fund Managers (“the Directive or "AIFMD”) into the local regulatory regime, so as to enable regulated entities flexibility in their product strategy with respect to fund management and marketing business within the...

Risk Warning Regarding Email Employment Offer

27th November 2013
​The Commission is aware that some individuals working at local financial services businesses have received email correspondence which invites them to apply for a position of employment. The activities of the entity making the offer may involve the laundering of criminal proceeds. The common characteristics of this approach are as follows: An email is sent allegedly from a company offering a...

Generali Worldwide Insurance Company Limited

20th November 2013
​The Financial Services Business (Bailiwick of Guernsey) Law, 1987, as amended (“the Financial Services Commission Law”)The Insurance Business (Bailiwick of Guernsey) Law, 2002, as amended (“the Insurance Law”)The Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulations, 2007, as amended (“the Regulations”)The Handbook for Financial Services...

Mr Christopher William Hubbard

19th November 2013
The Financial Services Commission (Bailiwick of Guernsey) Law, 1987, as amended ("the Financial Services Commission Law")The Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002, as amendedThe Insurance Business (Bailiwick of Guernsey) Law, 2002, as amended (together "the Insurance Laws")The Banking Supervision (Bailiwick of Guernsey) Law, 1994, as amended ("the...