Fiduciary

On 30 October 2015, the States of Deliberation approved a Policy Letter submitted by the Policy Council which recommended that the regulatory laws should be updated to reflect current international standards. Representatives of the States of Alderney and the Chief Pleas of Sark had previously indicated their support for the proposals which followed a major public consultation process. More…

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) Ordinance, 2018 by the States of Guernsey during December 2018.  The revisions to the rules and guidance in the Handbook, together with the revised legislation, bring…

The Commission is today issuing a discussion paper seeking feedback from all interested parties on potential enhancements to the regulatory framework under the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 (the "Fiduciaries Law") with the objective of ensuring that the regime continues to be both compliant with international…

The Guernsey Financial Services Commission (“GFSC”) announced on 7 August 2018 its participation in the Global Financial Innovation Network (“GFIN”) (link to news story) and today GFIN has published two documents:  1)      A Press Release confirming the GFIN’s functions and the opening of a 1-month application window for Cross-Border testing 2)      GFIN’s Terms of…

GUERNSEY FINANCIAL SERVICES COMMISSION ANNUAL FEES 2019 All businesses, entities and individuals licensed by or registered with the Guernsey Financial Services Commission are reminded that the payment of annual fees to the Commission are due by 31 January 2019. Where applicable, a late payment penalty fee will be applied for payments received after the due date in accordance with Regulation 2 of…

The Commission is today issuing Instruction Number 03/2018 for Financial Services Businesses and Prescribed Businesses, replacing and repealing Instruction No. 02/2018 issued on 3 August 2018. Changes to Instruction No. 03/2018 include the addition of The Bahamas, Botswana and Ghana.  Further details in respect of the inclusion of these three jurisdictions can be found within Part B of the…

The Commission is pleased to announce the publication of the Code of Market Conduct (“the Code”) following the closing of the consultation period on 12 July 2018. The aim of the Code is to provide guidance on whether or not behaviour amounts to market abuse, in the opinion of the Commission. The Commission would like to express its gratitude to everyone who has provided valuable feedback on…

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…

The Commission wishes to remind all financial services and prescribed businesses (with the exception of personal fiduciary licensees) that the Financial Crime Risk Return (“the Return”) is due for submission by 31 October 2018. The Return can be found through the Commission’s Online Submissions Portal, located here: https://submit.gfsc.gg/ Further information on the background to the…

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.