Authorisations

The Commission is maintaining its efforts to monitor financial stability issues across the financial services sector. As part of this, the Commission considers it essential that firms continue to make accurate regulatory returns in a timely manner. The Commission appreciates that some firms may encounter challenges in their interactions with some third parties in preparing their regulatory returns...

The Commission has published some FAQs on the consumer pages of its website to help inform consumers. These aim to provide easily accessible and clear information on the possible impact of coronavirus (Covid-19) on travel insurance and medical insurance for people living in the Bailiwick. With the Foreign and Commonwealth Office now advising against "all but essential travel" to Italy, it has...

The Guernsey Financial Services Commission ("GFSC") was pleased to note the recent political agreement reached between the European Council and the European Parliament on an EU-wide classification system, or "Taxonomy", which will provide businesses and investors with a common language to identify what economic activities can be considered environmentally sustainable. The detailed criteria...

Form upgrades Further to our previous news article regarding the forthcoming changes to the forms on the OS and PQ Portals, the following forms are now available in the new format: 126a - Fiduciary - Pension Scheme or Gratuity Scheme Quarterly Return 132 - Insurance Manager Annual Return 145 - Investment Quarterly Return 200 - Other Notification 220 – Outsourcing 226 - Surrender Registration It...

The Commission has today issued, in final form, the revised Handbook on Countering Financial Crime and Terrorist Financing ("the Handbook"). The Commission has revised the Handbook, in order to allow firms to advance work on revising their business risk assessments and policies, procedures and controls to take account of the provisions of Schedule 3 and the rules and guidance in the Handbook...

Section 3(1)(y) of The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) Law, 2000 After due consideration, the Commission will be amending our approach to specific discretionary exemptions (an “exemption”) in two ways: 1) To clarify the extent of an exemption. An exemption will only apply to the specific regulated activity in relation to the...

The Commission is pleased to announce that its application for membership of the NGFS has been accepted. Guernsey is the first island International Finance Centre to achieve membership of the NGFS in a move consistent with the international engagement element of Guernsey’s green finance strategy. The NGFS was established by eight central banks and supervisors following the "One Planet Summit" in...

The Commission has today, issued in final form, the revised Handbook on Countering Financial Crime and Terrorist Financing. This follows the approval of the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) (Amendment) Regulations, 2019 by the States of Guernsey on 12 June 2019. These amendments introduce an activation date of 31 March 2019 for the application of measures relating to...

The Commission has today issued its report on the thematic review of beneficial ownership of Guernsey and Alderney legal persons managed or administered by fiduciary licensees. The review was undertaken during the latter part of 2018 and the early part of 2019. A copy of the thematic review can be found by clicking on the following link: Beneficial Ownership of Guernsey and Alderney Legal Persons...