News

Articles from 2016

Strategy of the Investment Supervisory and Policy Division in respect of the Fund Sector

22nd December 2016
AnnouncementStrategy of the Investment Supervisory and Policy Division in respect of the Fund SectorDuring 2016 the Guernsey Financial Services Commission launched the Manager Led Product and the Private Investment Fund. This marked an intent by the Commission to respond to international challenges, servicing its mission statement of“Confidence in the Bailiwick: Securing good regulatory outcomes...

PRIVATE INVESTMENT FUNDS

22nd December 2016
The Guernsey Financial Services Commission has today issued FAQs on its Private Investment Funds regime and an updated Form PIF, which permits applicants to indicate which regulated activities it wishes to apply for. The updated form can be found here.

Sanctions Notice - Iraq

21st December 2016
United Nations Security Council Resolution 1518, as implemented in the Bailiwick by the Iraq (United Nations Sanctions) Channel Islands Order 2000, has been amended. The effect of the amendment, which is automatically effective in the Bailiwick, is to remove seven entities from the list of persons subject to financial restrictions under Resolution 1518. Further details about the amendment are...

Sanctions Notice - ISIL (DA'ESH) and Al-Qaida Network

15th December 2016
The United Nations Security Council has added one individual (“the listed person”) to the list of persons associated with ISIL (Da’esh) and Al-Qaida maintained under United Nations Security Council Resolution 1267. All persons on the UN list are subject to restrictive measures which include targeted financial sanctions. Further information is available here:https://www.un.org/press/en/2016/sc12621...

Sanctions Notice - Terrorism and Terrorist Financing

15th December 2016
HM Treasury has renewed the final designation of one entity under the Terrorist Asset-Freezing etc. Act 2010. The individual therefore remains a Designated Person for the purposes of the Act.Details of the entity are available here:https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/576049/TAFA_renewal_Notice_PLFP_2016.pdfPersons who are the subject of a designation under and...

Sanctions Notice - Syria

15th December 2016
Council Regulation (EC) No 36/2012, as implemented by the Syria (Restrictive Measures) (Guernsey) Ordinance, 2012, the Syria (Restrictive Measures) (Alderney) Ordinance, 2012 and the Syria (Restrictive Measures) (Sark) Ordinance, 2012, has been amended by Council Regulation (EU) No 2016/2137.The Regulation is available here:Council Regulation (EU) 2016/2137 The effect of the amendments, which are...

Sanctions Notice - North Korea

15th December 2016
Council Regulation (EU) No 329/2007, as implemented in the Bailiwick by the North Korea (Restrictive Measures) (Guernsey) Ordinance, 2007, the North Korea (Restrictive Measures) (Alderney) Ordinance, 2007, and the North Korea (Restrictive Measures) (Sark) Ordinance, 2007, has been amended by Commission Implementing Regulation (EU) No 2016/2215.The Implementing Regulation is available here...

Commission Issues Feedback on Special Purpose Insurer Rules Consultation

9th December 2016
The Guernsey Financial Services Commission has today issued feedback on comments received on its proposals to amend the framework underlying the Insurance Business (Bailiwick of Guernsey) Law 2002 (the “Law”) with the making of rules for Special Purpose Insurers and a related, minor amendment to the Insurance Business (Solvency) Rules 2015.The final version of the Insurance Business (Special...

Consultation on Revisions to the Code of Conduct for Authorised Insurance Representatives (“the Code”).

6th December 2016
The Commission is today issuing a consultation paper on revisions to the Code of Conduct for Authorised Insurance Representatives. The proposed Code clarifies the minimum standards expected to be met by an authorised insurance representative and takes into account current trading methodologies and rapidly changing and developing customer behaviours. Responses to the consultation which can be found...