General

On the 4th day of March 2021 the Commission imposed a discretionary financial penalty of £55,000 on Mr Jose Eduardo Paula de Lima Araujo. In addition, Mr Araujo, together with Mr Antonio Carlos de Godoy Buzaneli and Mr Jose Manuel Ordoñez (collectively the “Individuals”) were prohibited from performing any function on behalf of a regulated entity. The exemption set out in section 3(1)(g) of the...

The Commission has today published a Spring Green Consultation Paper - please click here and its Thematic Review of the Guernsey Green Fund Regime - please click here. Both documents underline the Bailiwick’s ongoing commitment to this important area. The Spring Green Consultation Paper proposes an addition to the Finance Sector Code of Corporate Governance, to take specific account of climate...

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 the Cayman Islands, Burkina Faso, Morocco and Senegal. U pdates to jurisdictions identified by other relevant external...

Fourth Quarter 2020 Guernsey Funds The total net asset value of Guernsey funds has increased in Sterling terms during the last quarter by £9.4 billion (3.9%) to £245.5 billion. Over the past year, total net asset values have increased by £17.9 billon (7.8%). Open-ended Schemes Within these totals, Guernsey domiciled open-ended funds increased over the quarter by £1.0 billion (2.0%) to £49.0...

Online Submissions ("OS") upgrade The Online Submissions ("OS") Portal upgrade has been completed. If you are a an OS user you will notice changes to the portal and may have already noticed that your forms have changed over the last 18 months. More details about the new OS features can be found in the guidance note on our website by clicking here. We trust that the changes we have made will...

Following a pilot exercise in 2020, the Commission has made permanent and extended to all sectors its exit interview programme for individuals who held Money Laundering Reporting Officer and/or Money Laundering Compliance Officer roles. The pilot initially applied to the banking and fiduciary sectors as the Bailiwick’s highest risk sectors for money laundering and terrorist financing and was...

The Commission is today publishing Cyber Security Rules and Guidance under The Protection of Investors (Bailiwick of Guernsey) Law, 1987; The Banking Supervision (Bailiwick of Guernsey) Law, 1994; The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000; The Insurance Business (Bailiwick of Guernsey) Law, 2002 and The Insurance Managers...

The Commission has today updated the Handbook following the December consultation regarding changes to rules and guidance in Chapters 3 and 7 on the risk-based approach and on legal persons and legal arrangements. Updates have also been made to Chapter 12 on international sanctions to reflect the new mechanism for the implementation of UN and UK sanctions in Guernsey following Brexit. The revised...

The Commission is today stating that late filing fees will not be applied in respect of all regulatory returns that are due to be submitted between now and the end of June provided they are submitted within two months of the original deadline. Although the timelines on the Commission’s Online returns portal for returns will not be altered so the original dates will still show, the Commission will...