News

General

Director Registration Regime

6th September 2023
Further to the launch of a director registration regime for individuals holding certain categories of directorships, the Commission wishes to remind individuals who qualify for registration that they have until 1 October 2023 to register. Amendments made to the Criminal Justice (Proceeds of Crime) Law, 1999 and an amendment to the Regulations of Fiduciaries, Administration Businesses and Company...

Second Quarter 2023 Investment Statistics

5th September 2023
Guernsey Funds The total net asset value of Guernsey funds at the end of the quarter was £286.0 billion, a decrease over the quarter of £2.7 billion (-0.9%). Over the past year, total net asset values have decreased by £16.8 billon (-5.5%). Open-ended Schemes Within these totals, Guernsey domiciled open-ended funds decreased over the quarter by £1.0 billion (-2.1%) to £48.9 billion. This...

Commission successful in Guernsey Court of Appeal

24th August 2023
On 22 August 2023, the Guernsey Court of Appeal handed down its judgment in the case of John Adam Robilliard and the Chairman of the Guernsey Financial Services Commission . The Guernsey Court of Appeal heard an appeal brought by Mr Robilliard against a decision of the Deputy Bailiff in the Royal Court who had dismissed Mr Robilliard’s previous appeal against a decision of one of the Commission’s...

Chamberlain Heritage Services Limited, Mr Christopher Henry Shaw, Mr John Adam Robilliard, Mr Bruce David McNaught

24th August 2023
The F inancial Services Com m ission (Bailiwi c k of Guernsey) Law, 1 987 (the “ F inancial Services Commission Law”) The Regulation of Fiduciaries , Administration Business and Company Directors , etc (Bailiwick of Guernsey) Law, 2000 (the “ F iduciaries Law”) The P rotection of Inve s tors (Bailiwick of Guernsey) Law, 1987 (the “POI Law”) The Insurance Managers and Insurance Intermediaries...

Chamberlain Heritage Services Limited, Mrs Deborah Anne Ellis

24th August 2023
The Financial Services Commission (Bailiwick of Guernsey) Law, 1987 (the “Financial Services Commission Law”) The Regulation of Fiduciaries, Administration Business 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...

X, Y, Z and the Guernsey Financial Services Commission

10th August 2023
Following publication by the Royal Court, we are making available the anonymised judgment of the Deputy Bailiff in X, Y and Z and the Guernsey Financial Services Commission . The Deputy Bailiff heard an appeal against the sanctions imposed on three individuals by one of the Commission’s Senior Decision Makers. The Deputy Bailiff found that the sanctions imposed on the three individuals were within...

Publication of a Notice of the fact of a Prohibition Order and a Discretionary Financial Penalty

4th August 2023
On the 4th day of August 2023, the Commission imposed a discretionary financial penalty as follows: Mr Paul Conway (“Mr Conway”) a financial penalty of £30,000. Further, on the above date, the Commission imposed a prohibition as follows: Mr Conway is prohibited from holding the position of shareholder, controller, director, partner, manager, money laundering reporting officer and money laundering...

Commission granted leave to appeal

3rd August 2023
The Commission has been granted leave to appeal the judgment of LB Marshall KC in the case of Domaille, Clarke & Hannis and the Guernsey Financial Services Commission. A copy of the judgment is available on the Guernsey Legal Resources website. After careful consideration, the Commission decided to appeal the decision of LB Marshall KC because some of the reasoning and interpretation of the law...

Finance Sector Code of Corporate Governance amended to include Lending, Credit and Finance Law

26th July 2023
Following the full implementation of the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 (the LCF Law), the Commission has amended the Finance Sector Code of Corporate Governance (the Code) so that it is clear that it applies to firms licensed under the LCF Law. The application of the Code to LCF licensees was highlighted during the Commission’s LCF consultation. The list of...