Banking

The Commission has launched a survey on consumer credit and home finance for businesses involved in the sector. This follows the approval earlier in the year by the States of Guernsey for proposals from the Committee for Economic Development and Policy & Resources Committee for a new law that will require businesses which provide credit, lending or finance, or act as finance brokers to be licensed...

The Commission is publishing today the finalised draft revised rules, codes and guidance that accompany the introduction of the revised principal laws dealing with the regulation of financial services business in the Bailiwick as part of the Commission’s Revision of Laws project. The new rules, codes and guidance will come into effect on Monday 1 November 2021, on the same day as the new and...

The Commission has today published the feedback to its Consultation on Amendments to the Banking Rules on Accounts, Disclosure & Large Exposures. In March 2021 the Commission published a Consultation Paper on its proposed Accounts, Disclosure and Reporting Rules and its Large Exposure Rules, to be issued under the Banking Supervision (Bailiwick of Guernsey) Law, 2020 (due to come into effect on...

On Friday 10 September, the States of Deliberation approved the necessary Ordinances to bring into effect the revision of the five principal Laws dealing with the regulation of financial services business in the Bailiwick as part of the Commission’s Revision of Laws project. The passing of the commencement ordinances means that the following laws will come into effect on 1 November 2021: The...

The Guernsey Financial Services Commission has issued today a Consultation Paper seeking views from interested parties on proposed Banking Supervision (Annual Compliance Return) Rules and Guidance. This Consultation Paper forms part of the implementation of the Revision of Laws Project. The proposed Rules do not implement policy change. A copy of the Consultation Paper along with the draft Rules...

As we have worked on some current enforcement matters it has become apparent to us that we will be taking some cases forward seeking pecuniary sanctions where there is some wrongdoing before 13th November 2017 and some wrongdoing after 13th November 2017. Our intent in relation to such matters is not clearly covered by the Guidance Note on the Commission’s general approach to Enforcement issued in...

The Commission today launches a consultation paper on proposals for increasing the licence fees paid by firms. The consultation period will close on Wednesday 8 September. The Commission’s consultation paper is available here. Feedback may be provided via the Consultation Hub section of the Commission’s website: https://consultationhub.gfsc.gg Taking into account the Commission’s current and...

The Commission has today issued amendments to the country lists in Appendix C and Appendix I of the Handbook on Countering Financial Crime and Terrorist Financing reflecting the Financial Action Task Force’s updated list of jurisdictions under increased monitoring, which includes Malta, Haiti, the Philippines and South Sudan. The amendments include the removal of Malta from the list of equivalent...

The Commission has implemented The Companies (Incorporated Cell Companies) (Prescribed Classes) Regulations, 2021. Previously, under the Companies (Guernsey) Law, 2008 a non-financial services business wishing to be incorporated as an Incorporated Cell Company (ICC), was required to be administered by a licensed person. The new regulations remove this requirement where the ICC is to be a non...