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 2017. 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…
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The Pension Licensees (Conduct of Business) & Domestic and International Pension Scheme and Gratuity Scheme Rules (No. 2) 201725th August 2017
Pension, Financial Crime, Authorisations, Banking, Consumers, Fiduciary, General, Insurance, Investment, Registered Business
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.
Financial Crime, Authorisations, Banking, Consumers, Fiduciary, General, Insurance, Investment, Registered Business
Industry Presentations 2017 - Save the Date flyer
Consultations, Financial Crime, Authorisations, Banking, Fiduciary, General, Insurance, Investment, Registered Business
The Commission today launches a consultation paper (please click here for a copy) on its proposals for the 2018 licence fees paid by firms. The consultation period will close on Friday 8th of September. An overall blended rate of increase of 3%, excluding anomalies, is proposed for 2018. Commission Chairman, Drs Cees Schrauwers, said: "For five years the Commission has kept the average fee…
Engagement on Draft Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 201725th July 2017
Introduction The Commission is today seeking feedback and assistance from the financial services industry specifically on whether the provisions of the Enforcement Law may have any unintended consequences or fatal flaws. What the engagement is not about The Commission has engaged with the financial services industry through the issuing of a discussion paper and later through a full consultation…
The Commission is today issuing a consultation paper seeking feedback on a number of regulatory proposals for firms involved in lending, credit and finance. The consultation period will close on Friday 15th September 2017. The proposals contained within the consultation paper have a twofold purpose:- A) Opening up Guernsey to more innovative, often digitally enabled, financial services…
The Commission is today issuing revised versions of the Handbook for Financial Services Businesses on Countering Financial Crime and Terrorist Financing (“the FSB Handbook”) and the Handbook for Prescribed Businesses on Countering Financial Crime and Terrorist Financing ("the PB Handbook”) to take account of recent changes to the Bailiwick’s legislation in relation to wire transfers…
The Commission has updated its guidance on whether individuals acting as directors need to obtain a personal fiduciary licence, which can be accessed by following this link. The updated guidance extends to individuals who act as directors of registered funds.
The Guernsey Financial Services Commission is consulting on proposals to introduce new FRR rules for full fiduciary licensees. Background The Commission has been working with the Guernsey Association of Trustees (GAT) with the intent of reviewing and updating the FRR as applicable to full fiduciary licensees. Key reasons for the proposed new FRR rules are: 1) to enable Guernsey to meet…
The Fiduciary Supervision Policy and Innovations Division has published the finding of its 2016 Thematic Review of "Client Money". A copy of the report can be found by clicking here.