News

Fiduciary

Safehaven International Limited, Mr Richard John Bach, Miss Tracey Jane Ozanne, Mr David Charles Housley Whitworth, Mr Michael John Good and Mr Stephen John Dickinson

31st December 2020
The Financial Services Commission (Bailiwick of Guernsey) Law, 1987 (“the Financial Services Commission Law”). The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 (the “Fiduciaries Law”); The Protection of Investors (Bailiwick of Guernsey) Law, 1987 (the “POI Law”); The Insurance Managers and Insurance Intermediaries (Bailiwick of...

Distribution of 2021 annual fees to Licensees and Registrants

14th December 2020
The Commission has now sent its 2021 annual fees to all licensees and registrants by email. If you have not received an invoice by email you should contact [email protected] quoting the entity name and the GFSC reference number, which can be found on our website (Regulated Entities and Registered Entities). You may also contact this email address to confirm the validity of an emailed invoice...

Safehaven International Limited, Mr Richard John Bach, Miss Tracey Jane Ozanne, Mr David Charles Housley Whitworth, Mr Michael John Good and Mr Stephen John Dickinson

11th December 2020
On the 11th day of December 2020 the Commission imposed the following discretionary financial penalties: Safehaven International Limited (the “Firm”) - £100,000 Mr Richard John Bach - £50,000 Miss Tracey Jane Ozanne - £5,000 Mr David Charles Housley Whitworth - £10,000 Mr Michael John Good - £10,000 Mr Stephen John Dickinson - £1,000 (collectively the “Individuals”) Mr Richard John Bach was also...

Stephen Bougourd

8th December 2020
The Financial Services Commission (Bailiwick of Guernsey) Law, 1987 (the “Financial Services Commission Law”); The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 (the “Fiduciaries Law”); The Protection of Investors (Bailiwick of Guernsey) Law, 1987 (the “POI Law”); The Insurance Managers and Insurance Intermediaries (Bailiwick of...

Commission clarifies boundaries of Custodians’ duties

7th December 2020
In its efforts to provide greater regulatory clarity for industry, the Commission has today published new guidance aimed at providing additional clarification about Designated Custodians’ duties. This guidance sets out the standards of conduct that are expected of Designated Custodians when they act for Open-Ended Collective Investment Schemes and where the assets are held indirectly, for example...

Changes to how the Commission distributes Annual Fee Invoices to Licensees and Registrants

30th November 2020
Licensees and registrants are advised that the Commission is changing the way it distributes its annual license fee invoices, commencing with the 2021 annual fees which are due to be sent out next month. Generic email addresses for all regulated and registered entities have been prepared which will be used to send out the annual fee invoices for 2021. If you wish to check which email address the...

Gratuity Schemes

17th November 2020
The States of Guernsey Annual Budget was published on Monday 16 November 2020 and can be found here. Within the Annual Budget it is proposed to make a change in respect of Gratuity Schemes and their treatment under section 40(nn) of the Income Tax (Guernsey) Law, 1975. The proposal would make a technical change to the exemption under section 40(nn) of the Income Tax (Guernsey) Law, 1975 to include...

Mrs Deborah Anne Ellis

25th August 2020
On the 20th day of August 2020 the Commission imposed a discretionary financial penalty of £14,000 on Deborah Anne Ellis and prohibited her from holding the position of director, controller, partner or manager for a period of 1 year and 5 months. The exemption set out in section 3(1)(g) of the Fiduciaries Law (which would otherwise permit Mrs Ellis to act as a director of not more than six...

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...