Articles from 2013

The Commission can confirm that the Channel Islands Stock Exchange (CISX) is the subject of an on-going investigation in respect of certain of the CISX's historic activities. There are no investigations in respect of current matters. Due to the confidential nature of its investigation the Commission is unable to provide any further public comment.

The Guernsey Financial Services Commission (“the Commission”), with the assistance of a Working Party of practitioners from the investment business sector, has been preparing new Class B Rules for open-ended collective investment schemes authorised as Class B funds under section 8 of the Protection of Investors (Bailiwick of Guernsey) Law, 1987 as amended (“the Law”). The Class B Rules are...

The Commission is aware that during 2013 there has been an increase in the number of attempted, and in some cases successful, frauds on customer bank accounts held with local financial institutions. This has occurred via the use of compromised e-mail accounts or through the "piggy-backing" of e-mails. These fraudulent attempts are being made across a wide range of financial institutions with as...

​ Following an application made under the above-named regulations, the Commission has granted recognition to Euroclear UK & Ireland Limited as an overseas operator with effect from 30 August 2013. The Uncertificated Securities (Guernsey) Regulations, 2009 (“the Regulations”) came into operation on 30 November 2009. The general purpose of the Regulations is to confirm how title to units of a...

The Guernsey Financial Services Commission notes the commercial decision made by The Co-operative Bank plc to close its Guernsey branch as part of a corporate restructuring exercise. The Commission has been kept fully informed by The Co-operative Bank of its decision and the arrangements for closure, and we will maintain close contact with the Guernsey branch as it winds down its business...

The Commission has issued the Code of Practice for Foundation Service Providers which comes into operation on 2 September 2013.

On the 26 July the Commission made regulations amending The Financial Services Commission (Administrative Financial Penalties) (Bailiwick of Guernsey) Regulations, 2010. The amendments to these regulations mirror changes made to the Regulation of Fiduciaries (Fiduciary Advertisements and Annual Returns) Regulations, 2012 (as amended) to extend the filing date for the annual return from one month...

The Commission would remind all companies which hold a licence from the Commission, issued after 31 July 2012 under the regulatory laws or which are registered or authorised as collective investment schemes (“funds”) under 1. below that an assurance statement under the Finance Sector Code of Corporate Governance ("the Code") must be submitted to the Commission on the first anniversary of the date...

Following the European Securities and Markets Authority’s (ESMA) approval of the co-operation arrangements the Guernsey Financial Services Commission (GFSC) has signed 27 bi-lateral co-operation agreements with the following EU/EEA securities regulators for the supervision of alternative investment funds, including hedge funds, private equity and real estate funds: EU/EEA Authority Autoriteit...