Articles from 2017

Bitcoin FAQ

18th December 2017
The Commission has issued an FAQ to those considering investing in Bitcoins or Bitcoin related investments. It can be found here.

Annual and Quarterly Returns to be completed in respect of Pension Schemes and Gratuity Schemes

15th December 2017
To enable the Guernsey Financial Services Commission ("the Commission") to regulate and supervise Pension Schemes and Gratuity Schemes ("Schemes"), the Commission requires1 relevant Licensees2 to complete the following regular data returns: With effect from the quarter ending 31 March 2018 the Commission will require the completion of a quarterly scheme return for Schemes within scope of the...

Instruction No. 04/2017 for Financial Services Businesses and Prescribed Businesses

5th December 2017
The Commission is today issuing Instruction Number 04/2017 for Financial Services Businesses and Prescribed Businesses replacing Instruction No. 03/2017 issued on 20 July 2017.Changes to instruction 03/2017 include the removal of Uganda and the addition of Sri Lanka, Trinidad and Tobago and Tunisia. Further details in respect of these changes can be found within Part B of the Instructions.The...

Sanctions Notice - Venezuela

1st December 2017
Venezuela (Restrictive Measures) (Guernsey) Ordinance, 2017The Venezuela (Restrictive Measures) (Guernsey) Ordinance, 2017 has been made to give effect to Council Regulation (EU) 2017/2063 concerning restrictive measures in relation to Venezuela.The effect of the Regulation is to introduce export restrictions in respect of arms, surveillance equipment or equipment that could be used for domestic...

Pension Rules Feedback

1st December 2017
The Pension Licensees (Conduct of Business) & Domestic and International Pension Scheme and Gratuity Scheme Rules (No.2) 2017 were issued by the Commission on 25 August 2017. The Commission has been engaging recently with the Guernsey Association of Pension Providers ("GAPP") and GAPP has agreed to ask its members for feedback on whether any improvements could be made to the Rules. All suggestions...

2018 Annual Fee Invoicing

24th November 2017
Licensees are reminded that where a Licence is held at as at 1 January 2018 and no request has been received by the Commission by close of business on 31 December 2017 to cancel or surrender that licence, then the (non-refundable) annual licence fee for 2018 will be payable by the licensee. Likewise, where no request to suspend or revoke the authorisation or registration of a collective investment...

Sanctions Notice - Ukraine

23rd November 2017
Council Regulation (EU) 269/2014, as implemented by the Territorial Integrity etc. of Ukraine (Restrictive Measures) (Guernsey) Ordinance 2014, the Territorial Integrity etc. of Ukraine (Restrictive Measures) (Alderney) Ordinance 2014 and the Territorial Integrity etc. of Ukraine (Restrictive Measures) (Sark ) Ordinance 2014, has been amended by Council Implementing Regulation (EU) No 2017/ 2153...

Commission publishes guides to Risk Based Supervision & Regulatory Framework

22nd November 2017
The Commission has published a guide to financial services regulation in the Bailiwick which is intended to clarify and explain regulation in a non-legal way. To view or download a copy please click here.At the same time, the Commission has taken the opportunity to republish its guide to risk based supervision in Guernsey which was first published in April 2016. To view or download a copy please...

Thematic Review - 2017

17th November 2017
During 2017, the Fiduciary Supervision Policy and Innovations Division undertook a thematic review of pension arrangements in the Bailiwick.The report on our findings can be found here

Sanctions Notice - Terrorism and Terrorist Financing

17th November 2017
The list of persons subject to restrictive measures under Council Regulation 2580/2001 (the EU Regulation) has been amended by Council Implementing Regulation (EU) No 2017/2064. The effect of the amendment is to remove one entity from the list The Implementing Regulation is available here:Council Implementing Regulation 2017/2064Persons who are listed for the purposes of the EU Regulation are also...