Commission confirms decision to increase Private Investment Fund (PIF) options

20th April 2021
In December of last year, the Commission published a Consultation Paper containing proposals to amend the PIF rules to allow more investor categories to take advantage of an appropriately regulated fund structure. All those responding to the Consultation Paper welcomed the proposals and in light this, the Commission has decided to amend the PIF rules with immediate effect. These are now available...

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...

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...