Authorisations

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...

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...

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: 12 June 2020 The 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...

Following our announcement of 24 March 2020: https://www.gfsc.gg/news/commission-allows-more-time-firms-complete-key-financial-returns], 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 exit from...

The Commission remains conscious of the operational issues being experienced by firms as they continue in their transition to an environment in which the majority, if not all, staff will be working from home. The Commission also acknowledges, and appreciates, the steps taken by these firms to continue to provide uninterrupted services to their customers and clients, albeit sometimes through...

Directors of Licensees will be mindful in these extraordinary times of their duties towards their own incorporated entity, regardless of whether it is a local business or forms part of a larger group of companies. Licensed entities are of course subject to the law, but holding a Licence from the Commission also adds various requirements laid down by the Commission in Rules, Conditions or other...

Amending the Timing of Financial Return filings with the Commission The Commission is conscious that almost all firms will be experiencing certain operational issues as they transition to an environment in which many of their staff will be working from home. Mindful of this and of some significant impending deadlines for financial returns, it is making the following changes to its expectations:-...

The Commission confirms that with effect from close of business on Tuesday 24 March 2020, the majority of its staff will be home working with just a small core staff operating from the Commission’s offices based at Glategny Court. 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...