Authorisations

The Guernsey Financial Services Commission (“The Commission”) recognises that cyber and information security is a high priority risk area for organisations of all sizes. The Commission considers that all financial services firms and prescribed businesses in the Bailiwick of Guernsey should have a structured approach to managing cyber and information security. Cyber and information security should...

The Commission has today released guidance to assist individuals, and the entities who may employ them, on how to meet the “fit and proper” standard set out in the relevant minimum criteria for licensing. The guidance may be found here. Please note the above article has been archived. Please refer to the latest guidance on Fit and Proper Persons.

The Commission has historically consulted annually with industry on proposals for increasing the fees which it charges licensees. Those fees represent the Commission’s principal method of funding its operational costs including any capital expenditure. However, after careful consideration, the Commission has decided not to seek any increase in the current level of its fees for the next two years...

The Commission’s Director General, William Mason, was the guest speaker at today’s lunchtime event held by the Chamber of Commerce. Mr Mason explored the positive relationship that can exist between regulation and economic growth. He posited that the key issue is not whether growth and regulation can co-exist but rather what level and type of regulation is optimal for economic growth. He suggested...

Two-factor authentication (“2FA”) functionality is now available on the Online Submissions Portal. This is in line with the Commission’s commitment to continually improving the security of licensee data. If your organisation promotes the use of 2FA, then please ensure that your portal users opt in to use the functionality. A guide with instructions is available here.

The Commission would like to clarify that it considers the LSE’s AIM market as qualifying as a recognised exchange for the purposes of applying exemptions under the regulated activity of acting as a director under the Fiduciaries Law.

The Commission has published a guide to financial services regulation in the Bailiwick which is intended to clarify and explain regulation in a non-legal way. To view or download a copy please click here. At the same time, the Commission has taken the opportunity to republish its guide to risk based supervision in Guernsey which was first published in April 2016. To view or download a copy please...

This morning the Policy & Resources Committee approved “The Investor Protection (Designated Countries and Territories) (Bailiwick of Guernsey) Regulations, 2017” (“the regulations”). The regulations are in force from today. These regulations designate certain countries and territories for the purposes of s29(1)(cc) of the Protection of Investors (Bailiwick of Guernsey) Law 1987. The effect of this...

The Commission has today published “ The Pension Licensees (Conduct of Business) & Domestic and International Pension Scheme and Gratuity Scheme Rules (No. 2) 2017” (please click here), which replaces the earlier version, published last month, which required some minor amendments.