Articles from 2024

The Commission has today issued an amended version of its Explanatory Note regarding the surrender of the authorisation or registration of collective investment schemes. The amendments reflect feedback received from industry and practical experience of implementation over the one-year period since the publication of the original Explanatory Note and provide for a more flexible approach to the...

On 12 November 2024, the Royal Court ordered the discharge of the administration order and placed GBG Insurance Limited into liquidation, the purpose of the administration having been achieved. The Joint Liquidators, who were formerly the Joint Administrators, have now issued a communication to potential creditors, which provides further information.

In advance of the publication of the Commission’s fee consultation feedback paper in December, please note that in early January, the Commission will be distributing 2025 annual fee invoices using the generic email address that we hold on record for each licensee and registrant. If you wish to check which email address the Commission holds for your firm, please contact [email protected] quoting...

Guernsey Funds The total net asset value of Guernsey funds at the end of the quarter was £288.8 billion, a decrease over the quarter of £6.9 billion (-2.4%). Over the past year, total net asset values are almost unchanged with a decrease of £0.1 billon. Closed-ended Schemes Within these totals, Guernsey closed-ended funds decreased over the quarter by £5.2 billion (-2.1%) to £238.8 billion. This...

Please be advised that the following ships have been specified under the Russia (Sanctions) (EU Exit) Regulations 2019 (the UK regulations): MIKATI (IMO 9250892) (Unique ID: RUS2321 ) NEOMI (IMO 9250543) (Unique ID: RUS2322 ) PYTHON (IMO 9250531) (Unique ID: RUS2323 ) CHILLI (IMO 9249130) (Unique ID: RUS2324 ) KSENA (IMO 9232888) (Unique ID: RUS2325 ) GURU (IMO 9353096) (Unique ID: RUS2326 )...

Please be advised that the following entities have been designated under the Russia (Sanctions) (EU Exit) Regulations 2019 (the UK regulations) and are now subject to an asset freeze and trust services sanctions : ALFASTRAKHOVANIE PLC (Unique ID: RUS2339) VSK (Unique ID: RUS2340) The entities referred to above appears on the UK’s consolidated list, which can be found here . The UK regulations are...

Following publication by the Royal Court, on 21 November 2024, we are making available the judgment of Lieutenant-Bailiff Hazel Marshall KC in the case of Nicholas Walton Hofgren and the Guernsey Financial Services Commission. The Commission welcomes the judgment which dismisses Mr Hofgren’s grounds of appeal. We intend to issue a public statement on this matter in due course.

We are considering, in conjunction with counsel, as to whether we should appeal aspects of the judgment that was handed down on 21 November 2024 as it contains novel interpretations of some aspects of the Bailiwick’s regulatory laws.

Please be advised that the following persons: Isabel Dos Santos (Group ID: 16694) Dmitry Vasylovych Firtash (Group ID: 16699) Lada Pavlovna Firtash (Group ID: 16700) Denis Vladimirovich Gorbunenko (Group ID: 16701) Liga Lemberga (Group ID: 16698) Aivars Lembergs (Group ID: 16697) Paula Cristina Fidalgo Carvalho Das Neves Oliveira (Group ID: 16696) Sarju Raikundalia (Group ID: 16695) have been...