Guernsey adopts new Terrorist Asset-Freezing Law. A link to the States of Guernsey media release can be found at www.gov.gg.
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The Commission has made a number of changes to the Handbook for Financial Services Businesses on Countering Financial Crime and Terrorist Financing and to the Handbook for Legal Professionals, Accountants and Estate Agents on Countering Financial Crime and Terrorist Financing. The principal changes are to the chapters on UN, EU and Other Sanctions. A copy of the Handbook for Financial Services…
GUERNSEY FINANCIAL SERVICES COMMISSION ANNUAL FEES 2012 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 2012. Failure to pay by the due date constitutes a breach of the fees regulations and may be recoverable as a civil debt due to…
The Commission has written to financial services businesses in connection with Eurozone risk management. The Commission has noted that continuing action by governments in the Eurozone might not achieve the desired effect of improving financial stability. One or more Eurozone members may exit from Euro currency union, and reversion to local currencies is possible. Accordingly, the…
The Commission has recently published several papers on its website. The papers are as follows: 1. Review of Own Solvency Capital Assessments of Life and Non-Life Licensees - This paper is an objective assessment of selected OSCAs and should be of interest in particular to Non-Executive Directors. 2. Technical Note on Stress Testing - Although the Commission has previously…
Instruction (Number 15) for Financial Services Businesses and Instruction (Number 13) for Prescribed Businesses28th November 2011
On 28 of November the Commission issued: Instruction (Number 15) for Financial Services Businesses and Instruction (Number 13) for Prescribed Businesses For repealed Instructions and Business from Sensitive Sources, see the Instructions page on this website.
Instruction (Number 14) for Financial Services Businesses and Instruction (Number 12) for Prescribed Businesses22nd November 2011
On 22nd of November the Commission issued the following instructions in relation to Iran: Instruction (Number 14) for Financial Services Businesses and Instruction (Number 12) for Prescribed Businesses
Please note that invoices for 2012 annual fees will be issued in December 2011 and therefore payment will be expected for all current licensees on receipt of an invoice. If any entity will not continue in 2012 and therefore should not be invoiced, the Commission will require a request to surrender by 31 December 2011.
The Commission has issued a draft guidance note on actuarial standards and requirements to clarify the existing requirements currently in the insurance laws, regulations and in other guidance applicable to insurance licensees. This guidance note is intended to satisfy an IMF recommendation in connection with IAIS core principle 1. Draft Guidance Note on Actuarial Standards and…
The Commission has today issued the Finance Sector Code of Corporate Governance. A copy of the press release and the Code can be found below: Press release Code of Corporate Governance