Fiduciary

On 5 June 2023, the Regulation of Fiduciaries etc (Bailiwick of Guernsey) (Amendment) Regulations, 2023 were made by the Policy & Resources Committee (the “Committee”). These Regulations, which are to be laid before the States meeting on 5 July and which come into operation on 8 July, expand the available licensing exemptions for certain categories of personal directorship activity. The...

Additional Question The 2023 Fiduciary Annual Return, which will be available on licensees' timelines on 27 May 2023, includes the following additional question: Breakdown of business by geography for trusts, foundations, companies and partnerships. Currently fiduciary licensees are required to identify the country of residence of the settlor of a trust, the founder of a foundation or the...

The Financial Services Commission (Bailiwick of Guernsey) Law, 1987 (the “Financial Services Commission Law”); The Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulations, 2007 as amended (“the Regulations”). The Handbook for Financial Services Businesses on Countering Financial Crime and Terrorist Financing (“the Handbook”). The Principles of the...

Further to the announcement in our 2021 Annual Report advising of our intention to implement mandatory two-factor authentication (‘2FA’) on our Online Portals for all our regulated entities, we have been working on our background systems. On this basis by 31 May 2023, the Commission intends to switch 2FA on for all Portal Users who have not yet enabled this functionality. 2FA is an additional...

On 2 February 2023, the Commission imposed discretionary financial penalties as follows: Mr William Stephen Cairns (“Mr Cairns”) a financial penalty of £133,000; and Mr Du Preez Gert Vermeulen (“Mr Vermeulen”) a financial penalty of £35,000. Further, on the above date, the Commission imposed the prohibitions as follows: Mr Cairns prohibited from all functions for a period of ten years and six...

Following the States of Guernsey's Policy & Resources Committee’s recent publication of its Consultation Paper on proposed revisions to the supervisory framework surrounding the six directorship exemption , the Commission will be hosting two meetings for interested persons at its offices on Glategny Esplanade on the following dates: Wednesday 21 December 2022 from 8.30am to 10am and on Monday 9...

The Commission has today published a Consultation Paper on proposals to make new regulations providing for the exemption from licensing under The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (the “Fiduciaries Law”) of the activity of acting as a director of certain companies connected to registered or authorised collective...

The Policy & Resources Committee has today published a Consultation Paper seeking views on a proposed change to the requirements which affect some individuals acting as company directors, by way of business, in or from within the Bailiwick. The Commission encourages industry and stakeholders to contribute their feedback. Acting as a director for any company in the Bailiwick, by way of business...

On 15 September 2022, the Commission imposed a discretionary financial penalty of £87,500 on Geoffrey John Trebert and prohibited him from holding the position of controller, director, partner, manager, money laundering reporting officer and money laundering compliance officer for a period of two years and ten months. The exemption set out in section 3(1)(g) of the Fiduciaries Law (which would...