News

Articles from 2020

Sanctions Notice - Global Human Rights

14th July 2020
Please be advised that following the United Kingdom’s issue of the Global Human Rights Sanctions Regulations 2020 , the States of Guernsey has made the Global Human Rights Sanctions (Bailiwick of Guernsey) Regulations, 2020 [link updated 20/04/2021] The Regulations impose asset freezes to deter those who are, or have been, involved in human rights’ violations. 47 individuals and 2 entities have...

Shane Younger and Christopher Percival

14th July 2020
On the 10th day of July 2020 the Commission has imposed discretionary financial penalties on the following parties:- £48,650 on Shane Younger; and £30,100 on Christopher Percival As a result of failures to meet the Minimum Criteria for Licensing in respect of Schedule 7 of The Insurance Business (Bailiwick of Guernsey) Law, 2002. More details to follow in due course.

March Quarter 2020 Investment Statistics

9th July 2020
First Quarter 2020 Guernsey Funds The total net asset value of Guernsey funds has increased in Sterling terms during the last quarter by £5.5 billion (2.4%) to £233.2 billion. Over the past year, total net asset values have increased by £16.4 billion (7.6%). Open-ended Schemes Within these totals, Guernsey domiciled open-ended funds decreased over the quarter by £1.6 billion (-3.5%) to £44.7...

Funds Growth Omnibus Discussion Paper

7th July 2020
The Guernsey Financial Services Commission has issued today a discussion paper making proposals aimed at ensuring that the Guernsey funds framework remains fit for purpose while helping to create opportunities for growth. Amongst other proposals to increase efficiency and clarity, the discussion paper proposes widening the formation options for Private Investment Funds. Commenting on the...

Commission issues Thematic Review on Source of Funds / Source of Wealth in the Private Wealth Management sector

7th July 2020
The Commission has today issued its report on the thematic review of source of funds / source of wealth in Guernsey’s private wealth management sector. The review was undertaken during the second half of 2019. A copy of the thematic review can be found by clicking here . Whilst the review focused on sectors identified in Bailiwick of Guernsey’s National Risk Assessment as being most exposed to the...

Sanctions Notice - UK Sanctions: Global Human Rights

7th July 2020
Please be advised that on 6 July, the United Kingdom made the Global Human Rights Sanctions Regulations 2020 , which comprise the first UK sanctions regime to operate under the UK's Sanctions and Anti-Money Laundering Act 2018 (Sanctions Act) . The Regulations impose asset freezes to deter those who are, or have been, involved in human rights’ violations. 47 individuals and 2 entities have been...

Home working - Information Security Risks

7th July 2020
The COVID 19 pandemic resulted in many licensees being unable to operate in their usual office environments. Entering Phase 5, a return to normal activity in the Bailiwick, has seen many licensees return to their offices but we are conscious that adoption of home working has accelerated. Information security risks can increase with home working and therefore we are highlighting a non-exhaustive...

Exit Interviews for MLROs and MLCOs

6th July 2020
Further to the news release of 8 January 2020, referring to the introduction of exit interviews for individuals who held the position of MLRO and/or MLCO with a bank or fiduciary firm, the Commission has decided to extend the pilot initiative until the end of December 2020. The initiative has proved useful and has provided supervisory staff with a greater understanding of the MLRO/MLCO role(s)...

LIBOR Transition

3rd July 2020
Over the last three months, various international supervisory bodies have reaffirmed the planned timelines for transition away from LIBOR to alternative reference rates, such as SONIA (Sterling Overnight Index Average) or SOFR (Secured Overnight Financing Rate). Firms should therefore continue to assume that they will be unable to rely on LIBOR being published beyond the end of 2021 and should...