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- Articles from 2013
Articles from 2013
The Guernsey Financial Services Commission is pleased to announce that William Mason will be appointed the Director General upon Nik van Leuven’s retirement. William Mason will join the Commission from the position of Head of Risk at the Central Bank of Ireland, where he has led the development and implementation of its PRISM supervisory methodology. Most recently he has been working with…
Total deposits held with Guernsey banks at the end of December 2012 decreased 10.6% in sterling terms, by £10.2 billion from the end of September 2012 level of £96.9 billion, down to £86.7 billion. The bulk of this reduction was caused by the transfer of a book of business to another Crown Dependency. That leaves total deposits 19.4% lower than at the same time of a year ago. …
The publication by the Commission of Explanatory Notes in respect of the sanction powers about which it is most frequently asked questions will be available on the website from 05 March 2013. These notes are intended to give a summary and general overview of the matters set out in them. Explanatory Notes are available under the Enforcement section of the website.
Instruction (Number 18) for Financial Services Businesses and Instruction (Number 16) for Prescribed Businesses4th March 2013
On 4 March the Commission issued: Instruction (Number 18) for Financial Services Businesses and Instruction (Number 16) for Prescribed Businesses For other Instructions and repealed Business from Sensitive Sources, see Instructions page on this website.
On 27 February 2013 the States of Guernsey approved the Control of Borrowing (Repeal) (Bailiwick of Guernsey) Ordinance, 2013. This Ordinance repeals the remaining provisions of the Control of Borrowing (Bailiwick of Guernsey) Ordinance, 1959. Accordingly, requests for consent under the 1959 Ordinance are no longer necessary and should not be made to the Commission.
The Commission has issued a letter to all Money Laundering Reporting Officers today regarding fraud warning versus southern Africa customers and Far East/China banks. More information can be found here.
The Commission has noticed that in recent years there has been an increasing number of occurrences of fraud being committed against customers of Guernsey licensees where the customer is based in southern Africa. Post, and possibly emails, from licensees are being intercepted and details then being used by fraudsters. It has also been noted that fraudsters have increasingly directed the…
Amendments to the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000, as amended18th January 2013
As a result of The Foundations (Guernsey) Law, 2012 (“the Foundations Law”) coming into effect on 8 January 2013 and also The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) (Foundations Amendment) Regulations, 2012 (“the Foundation Amendment Regulations”) being made on 14 January 2013, various amendments in respect of Foundations…
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