News

Consultations

Consultation Paper on Proposals for a Green Investment Discount for Life Insurer Capital Requirements

5th October 2020
The Guernsey Financial Services Commission has today issued a consultation paper seeking views from interested parties on proposed amendments to the Insurance Business (Solvency) Rules, 2015. The proposed amendments would introduce a “Green Discount”, which would reduce the capital requirements applicable to the green fixed income assets of life insurers. Additional measures would be put in place...

Consultation Paper on Cyber Security Rules and Guidance

21st September 2020
The Guernsey Financial Services Commission has issued today a Consultation Paper seeking views from interested parties on proposed Cyber Security Rules and an accompanying Guidance Note for all licenced entities under the various supervisory laws. A copy of the Consultation Paper, Draft Rules and the Draft Guidance can be found here: https://www.gfsc.gg/commission/legislation-and-guidance...

Consultation Paper on Guidance for Custodians of Open-ended Collective Investment Schemes with Indirectly Held Assets

9th September 2020
The Guernsey Financial Services Commission has issued today a Consultation Paper seeking views from interested parties on a proposed Guidance Note for Custodians of open-ended collective investment schemes made under the Protection of Investors (Bailiwick of Guernsey) Law, 1987 (the “PoI Law”). A copy of the Consultation Paper and the Draft Guidance can be found here: https://www.gfsc.gg...

Discussion Papers on Ancillary Vehicles and the New Fiduciary Licence Categorisation

20th August 2020
The Guernsey Financial Services Commission has issued today two discussion papers seeking views from interested parties on proposals concerning rules to be made following the States of Deliberation’s approval of the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (the "2020 Fiduciaries Law") and the Protection of Investors...

Commission consults on Fees for 2021

4th August 2020
The Commission today launches a consultation paper on proposals for increasing the licence fees paid by firms (please click here for a copy of the consultation paper). The consultation period will close on Tuesday 15 September. The proposals are for an increase of 2.1% across all sectors, based upon Guernsey’s RPI, together with the introduction of a modest fee for fast track applications of £500...

Funds Growth Omnibus Discussion Paper

7th July 2020
The Guernsey Financial Services Commission has issued today a discussion paper making proposals aimed at ensuring that the Guernsey funds framework remains fit for purpose while helping to create opportunities for growth. Amongst other proposals to increase efficiency and clarity, the discussion paper proposes widening the formation options for Private Investment Funds. Commenting on the...

Financial Crime Handbook Consultation

17th April 2020
The Commission is undertaking a short consultation on changes proposed to rules and guidance in the Handbook on Countering Financial Crime and Terrorist Financing (version issued on 29 November 2019) to take into account the Bailiwick of Guernsey’s National Risk Assessment (“NRA”) on money laundering (“ML”) and the financing of terrorism (“FT”) which was published in January 2020. It is...

Consultation Papers on Proposals to Create a Single Fiduciary Handbook and Revise Pension Rules

12th September 2019
The Guernsey Financial Services Commission is today issuing two Consultation Papers seeking feedback from interested parties on potential changes 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...

Financial Crime Handbook Consultation

7th May 2019
The Commission is undertaking a short consultation on changes proposed to rules and guidance in the Handbook on Countering Financial Crime and Terrorist Financing (version issued on 1 March 2019). This follows the publication on 7 May 2019 of the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) (Amendment) Regulations, 2019 (“the Amendment Regulations”) made by the Policy and Resources...