Private Investment Fund – Form PIF (December 2020)

14th December 2020
The Commission has today issued a revised application form for the Private Investment Fund – Form PIF (December 2020). Please ensure that this form is used for all future applications and that all applicable requirements are adhered to. The Form PIF (December 2020) can be found here. Emma Bailey Director Authorisations and Innovation

GFIN, Cross-Border Testing

29th October 2020
The GFSC is Participating in the GFIN’s Cross-Border Testing.The GFSC is pleased to be participating in the GFIN’s Cross-Border Testing which launches today, 29th October 2020. The Global Financial Innovation Network (GFIN) – a group of over 60 international organisations committed to supporting financial innovation in the interests of consumers – is inviting applications from firms to test...

Commission consults on Fees for 2021

4th August 2020
The Commission today launches a consultation paper on proposals for increasing the licence fees paid by firms (please click here for a copy of the consultation paper). The consultation period will close on Tuesday 15 September.The proposals are for an increase of 2.1% across all sectors, based upon Guernsey’s RPI, together with the introduction of a modest fee for fast track applications of £500...

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...

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...

PQ upgrade, Single Sign-On and online Terms and Conditions functionality for users of both the Online Submissions ('OS') and PQ Portals

22nd June 2020
The PQ Portal upgrade has been completed. If you are a PQ Portal user you will notice significant changes to the portal and forms. More details about the new PQ features can be found in the guidance note on our website by clicking here.As previously advised, if you have accounts in both the OS and PQ Portals and use different email addresses for each, it is now possible to link those accounts. If...

Handbook on Countering Financial Crime and Terrorist Financing

19th June 2020
The Commission has today, issued in final form, the revised Handbook on Countering Financial Crime and Terrorist Financing (“the Handbook”).The Commission has made these amendments, to the Handbook, in order to take into account the Bailiwick of Guernsey’s National Risk Assessment (“NRA”) on money laundering (“ML”) and the financing of terrorism (“FT”) which was published in January 2020. These...

New Fast Track Application Regime for Managers of Overseas Collective Investment Schemes

12th June 2020
New Fast Track Application Regime for Managers of Overseas Collective Investment Schemes: 12 June 2020The Commission is pleased to announce the launch of a new fast track application regime for managers of Overseas Collective Investment Schemes to make it simpler for them to apply for a Guernsey licence. The intention of the regime is to combine where appropriate the consent to migrate the manager...

Updated Commission deadlines for Key Financial Returns

28th May 2020
Following our announcement of 24 March 2020:], the Commission has been pleased to note the resilience of the Bailiwick’s finance sector including the widespread ability to work from home effectively. This operational resilience, taken together with recent States of Guernsey announcements regarding...