News

Articles from 2021

The Cyber Security Rules and Guidance, 2021

15th February 2021
The Commission is today publishing Cyber Security Rules and Guidance under The Protection of Investors (Bailiwick of Guernsey) Law, 1987; The Banking Supervision (Bailiwick of Guernsey) Law, 1994; The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000; The Insurance Business (Bailiwick of Guernsey) Law, 2002 and The Insurance Managers...

Handbook on Countering Financial Crime and Terrorist Financing

15th February 2021
The Commission has today updated the Handbook following the December consultation regarding changes to rules and guidance in Chapters 3 and 7 on the risk-based approach and on legal persons and legal arrangements. Updates have also been made to Chapter 12 on international sanctions to reflect the new mechanism for the implementation of UN and UK sanctions in Guernsey following Brexit. The revised...

Commission allows more time for firms to complete regulatory returns

9th February 2021
The Commission is today stating that late filing fees will not be applied in respect of all regulatory returns that are due to be submitted between now and the end of June provided they are submitted within two months of the original deadline. Although the timelines on the Commission’s Online returns portal for returns will not be altered so the original dates will still show, the Commission will...

Commission elects new Vice-Chairman

9th February 2021
The Commission has elected Advocate Simon Howitt as its Vice-Chairman. He succeeds Bob Moore who stood down as a Commissioner at the end of last month after nine years’ service. Advocate Howitt has over thirty years’ experience as an advocate and is a consultant at Babbé having previously been a Partner. He served as President of the Guernsey Chamber of Commerce between 2001 and 2003. Advocate...

Sanctions Notice - Zimbabwe

1st February 2021
Please be advised that four senior security sector officials have been designated under the Zimbabwe (Sanctions) (EU Exit) Regulations 2019; these are implemented in the Bailiwick by the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020. These sanctions were enacted for the purposes of encouraging the Government of Zimbabwe to: respect democratic...

Commission staff to work from home

25th January 2021
The Commission confirms that with effect from Monday 25 January 2021, the vast majority of its staff will be home working. The Commission’s Authorisations team remains open for business. The switchboard will continue to operate during normal office hours and callers will be asked by the receptionist to provide their contact details in order that a member of staff can call or email them back. Firms...

Engagement on the draft amendments to Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002 (the “Insurance Managers and Insurance Intermediaries Law”)

15th January 2021
Introduction On the 30th of October 2015 the States of Deliberation approved the Policy Letter submitted by the Policy Council on the Revision of the Financial Supervisory and Regulatory Laws. Representatives of the States of Alderney and the Chief Pleas of Sark has previously indicated their support for the proposals which followed a public consultation process, together with the Law Officers of...

AML/CFT Handbook - Appendix I Update

12th January 2021
The Commission has today updated Appendix I to the Handbook as a result of the FATF's announcement that it has removed The Bahamas from its list of jurisdictions under increased monitoring. The Bahamas has strengthened the effectiveness of its AML/CFT system and addressed related technical deficiencies to meet the commitments in its action plan and remedy the strategic deficiencies identified by...

Sanctions Notice - gov.gg website update

4th January 2021
UPDATE ON CHANGES RELATING TO BREXIT This Notice follows on from earlier Notices issued in relation to the changes to the implementation of sanctions resulting from Brexit. As previously advised, with effect from 31st December 2020 the UK introduced its own sanctions regimes that repeal and replace EU sanctions regimes, and the Policy & Resources Committee has made the Sanctions (Implementation of...