Fiduciary

Following feedback to the Commission’s Consultation Paper on Ancillary Vehicles, the Commission has conducted further data collection and analysis. This process is ongoing and the policy proposals remain under consideration. It should be noted, therefore, that upon commencement of the new and amended regulatory laws on 1 November 2021, the notification regime for Ancillary Vehicles and the...

Following on from last year, the Commission will be distributing 2022 annual fee invoices using the generic email address that we hold on record for each licensee and registrant. If you wish to check which email address the Commission holds for your firm, please contact '[email protected]', quoting the entity name and GFSC reference number, which can be found on our website ( Regulated Entities...

The Commission is publishing today the finalised draft revised rules, codes and guidance that accompany the introduction of the revised principal laws dealing with the regulation of financial services business in the Bailiwick as part of the Commission’s Revision of Laws project. The new rules, codes and guidance will come into effect on Monday 1 November 2021, on the same day as the new and...

The Commission has today published the feedback to its Consultation Paper on the new Fiduciary Rules, 2021. In June 2021, the Commission published a Consultation Paper making proposals for the necessary revision of the Fiduciary Rules, 2020 in readiness for the coming into force of the revised Fiduciaries Law on 1 November 2021. The key revision proposed related to the re-categorisation of...

On Friday 10 September, the States of Deliberation approved the necessary Ordinances to bring into effect the revision of the five principal Laws dealing with the regulation of financial services business in the Bailiwick as part of the Commission’s Revision of Laws project. The passing of the commencement ordinances means that the following laws will come into effect on 1 November 2021: The...

As we have worked on some current enforcement matters it has become apparent to us that we will be taking some cases forward seeking pecuniary sanctions where there is some wrongdoing before 13th November 2017 and some wrongdoing after 13th November 2017. Our intent in relation to such matters is not clearly covered by the Guidance Note on the Commission’s general approach to Enforcement issued in...

The Commission today launches a consultation paper on proposals for increasing the licence fees paid by firms. The consultation period will close on Wednesday 8 September. The Commission’s consultation paper is available here . Feedback may be provided via the Consultation Hub section of the Commission’s website: https://consultationhub.gfsc.gg Taking into account the Commission’s current and...

The Commission has today issued amendments to the country lists in Appendix C and Appendix I of the Handbook on Countering Financial Crime and Terrorist Financing reflecting the Financial Action Task Force’s updated list of jurisdictions under increased monitoring, which includes Malta, Haiti, the Philippines and South Sudan. The amendments include the removal of Malta from the list of equivalent...

The Commission has implemented The Companies (Incorporated Cell Companies) (Prescribed Classes) Regulations, 2021. Previously, under the Companies (Guernsey) Law, 2008 a non-financial services business wishing to be incorporated as an Incorporated Cell Company (ICC), was required to be administered by a licensed person. The new regulations remove this requirement where the ICC is to be a non...