General

First Quarter 2021 Guernsey Funds The total net asset value of Guernsey funds has increased in Sterling terms during the last quarter by £18.1 billion (7.4%) to £263.6 billion. Over the past year, total net asset values have increased by £30.4 billon (13.0%). Open-ended Schemes Within these totals, Guernsey domiciled open-ended funds decreased over the quarter by £1.0 billion (-2.0%) to £48.0...

The Guernsey Financial Services Commission has issued today a consultation paper (“CP”) seeking views from interested parties as part of the implementation of the Revision of Laws Project. The CP relates to the proposed re-issuing of the Commission’s codes and guidance due to the revised s upervisory l aws arising from the Revision of Laws Project. The draft codes and guidance do not implement...

The Commission has today published its 2020 annual report and financial statements . Talking about the report, the Commission’s Director General, William Mason noted that: “ Last year, in common with the rest of the world, the Bailiwick had to deal with the effects of the global pandemic. During that period, the Commission faced a number of additional challenges as did our licensees. I was...

The Commission has today announced that following consultation with industry, it has revoked the Non-Guernsey Scheme regime and the associated rules. A Non-Guernsey Scheme is a collective investment scheme that is not established or incorporated in the Bailiwick of Guernsey and is not authorised or registered by the Commission. Commenting on the decision, the Commission’s Director General, William...

On 16 April 2021 the Commission imposed a discretionary financial penalty on Ms Sarah Jayne Sarre of £13,500. The above sanction was imposed on Ms Sarre as a result of her failure to meet the minimum criteria for licensing. More details to follow in due course.

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 Disclosure (Bailiwick of Guernsey) Law, 2007 (the “Disclosure Law”). The Criminal Justice (Proceeds of Crime) (Financial Services Businesses)...

The Guernsey Financial Services Commission has issued today three consultation papers (“CPs”) seeking views from interested parties as part of the implementation of the Revision of Laws Project. The first CP provides for revision to regulations and rules made under the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (the “new...

In December of last year, the Commission published a Consultation Paper containing proposals to amend the PIF rules to allow more investor categories to take advantage of an appropriately regulated fund structure. All those responding to the Consultation Paper welcomed the proposals and in light this, the Commission has decided to amend the PIF rules with immediate effect. These are now available...

On 7 April 2021 the Royal Court of Guernsey handed down its judgment on an application brought by Mr Alan Chick to appeal decisions of the Commission out of time. The Royal Court, in dismissing the application for the appeal to be commenced out of time, found that there were no exceptional circumstances and that Mr Chick had not done all he could do to bring the appeal timeously. Prior to this...