Articles from 2014

The Group of International Finance Centre Supervisors (“GIFCS”) has today launched a new benchmark for the regulation of Trust and Corporate Service Providers (“TCSPs”). Guernsey has been a champion of this new approach which has seen the GIFCS working group which developed the new standard being chaired by the Commission’s General Counsel, Philip Nicol-Gent. Mr Nicol-Gent said “This is an...

​Please be advised of the following changes to sanctions listings related to the Al-Qaida network which have immediate effect in the Bailiwick. Further to the Sanctions Notice issued on 24th September 2014 about United Nations listings for 14 individuals and 2 entities associated with extremist groups in Iraq and Syria, these individuals and entities have now been added to the list maintained by...

The Commission is today issuing Instruction Number 05/2014 for Financial Services Businesses and Prescribed Businesses, copies of which can be accessed on the FC&A section of the Commission’s website: Instruction No. 05/2014 for Financial Services Businesses and Instruction No. 05/2014 for Prescribed Businesses 7 October 2014

Jon Moulton is the sole director of the former Channel Islands Stock Exchange (CISX) which is now in liquidation. He has asked us to point out that, contrary to the impression he believes may have been created by our announcement yesterday, he has not been subject to the Investigation into the CISX. We are happy to so confirm.

The Financial Services Commission (Bailiwick of Guernsey) Law, 1987, as amended ("The Financial Services Commission Law"), The Channel Islands Stock Exchange, LBG. 1. The Guernsey Financial Services Commission (the “Commission”) is established pursuant to the terms of the Financial Services Commission (Bailiwick of Guernsey) Law, 1987 and its functions include the supervision of financial services...

​Please be advised that on 23 September 2014 the United Nations Security Council added the names of 14 individuals and 2 entities to the list of persons involved with the Islamic State group and other bodies associated with Al-Qaida which is maintained under United Nations Security Council Resolution 1267. The individuals are as follows: Ahmed Abdullah Saleh al-Khazmari al-Zahrani Azzam Abdullah...

​Please be advised that some amendments by the Council of the European Union to the sanctions measures in place regarding the Territorial Integrity etc. of the Ukraine and the Russian Federation have been published today with immediate effect. These amendments, which have direct effect in the Bailiwick, are as follows; Territorial Integrity etc. of the Ukraine Council Regulation (EU) No 269/2014...

​The Commission has today announced that Mrs Gillian Browning has been appointed to replace Mr Philip Marr who is retiring as Director of the Fiduciary Supervision Policy and Innovations Division. The Commission’s Director General, William Mason, said “ I am delighted to be able to welcome Gillian to the Commission as one of our Directors. She has considerable experience in the field of financial...

​The regulatory laws provide that a licence or registration application shall contain or be accompanied by such other information or documents as the Commission may reasonably require, for the purpose of determining the application. Business Risk Assessments (“BRAs”) The Financial Action Task Force (“FATF”) 2012 Recommendations (“the Recommendations”) place even greater emphasis on the importance...