Articles from 2014

Please be advised of the amendment to the sanctions measures in place regarding Afghanistan has been made by the Legislation Select Committee. This amendments, which has direct effect, is as follows: The Afghanistan (Restrictive Measures) (Guernsey) Ordinance, 2011 has been amended to impose a reporting requirement on financial services businesses. This requires all financial institutions and...

Please be advised of the following change to sanctions listings related to terrorist financing, which has immediate effect in the Bailiwick. On 23 July 2014 the Council of the European Union announced that it has reviewed the list of persons designated under Council Regulation (EC) No 881/2002. These designations have direct effect in the Bailiwick as designations under section 1 of the Terrorist...

Please be advised of the following change to sanctions listings related to terrorist financing, which has immediate effect in the Bailiwick. On 23 July 2014 the Council of the European Union announced that it has reviewed the list of persons designated under Council Regulation (EC) No 881/2002. These designations have direct effect in the Bailiwick as designations under section 1 of the Terrorist...

​ Second Consultation on the implementation of Guernsey Financial Advice Standards (“GFAS”) and changes to conduct of business rules and codes of conduct Background This is the second consultation paper to be issued by the Commission following a request by the Commerce and Employment Department (“C&E”) for the Commission to take appropriate steps to implement the new Guernsey Financial Advice...

​Ukraine Please be advised of the following changes to sanctions listings relating to the territorial integrity etc. of Ukraine, which have immediate effect in the Bailiwick. Council Regulation (EU) No 269/2014 of 17 March 2014, as implemented in the Bailiwick by the Territorial Integrity etc. (Ukraine) (Restrictive Measures) (Guernsey) Ordinance, 2014, the Territorial Integrity etc. (Ukraine)...

Crimea and Sevastopol In response to the annexation of Crimea and Sevastopol to the Russian Federation, the European Union has enacted Council Regulation (EU) No 692/2014 of 23rd June 2014. The EU Regulation has been implemented in Guernsey by the Crimea and Sevastopol (Restrictive Measures) (Guernsey) Ordinance which is in force from 10th July 2014. Its effect is to prohibit the importation of...

​Belarus Please be advised that Council Regulation (EC) 765/2006 of 18 May 2006, as implemented in the Bailiwick by the Belarus (Freezing of Funds) (Guernsey) Ordinance, 2006, the Belarus (Freezing of Funds) (Alderney) Ordinance, 2006 and the Belarus (Freezing of Funds) (Sark) Ordinance, 2006 has been amended by Commission Implementing Regulation (EU) 740/2014. The effect of the amendments is: The...

​ The Commission has decided to remove in its entirety Rule 13 of the Licensees (Conduct of Business) Rules 2009, which required designated managers to provide an annual notification in respect of each authorised or registered collective investment scheme. Consequently, the Commission in exercise of the powers conferred on it by sections 12, 14, 15 and 16 of the Protection of Investors (Bailiwick...

Background Under Article 36 of AIFMD an EEA AIFM may market to professional investors, units or shares of non-EEA AIF so long as it ensures that one or more entities are appointed to carry out the depositary duties referred to in Article 21(7), (8) and (9) of AIFMD. The EEA AIFM shall not perform those functions. The Commission does not consider that Guernsey Depositaries need to opt in to comply...