General

In enforcement cases, the Commission can seek to impose prohibitions on individuals to prevent them from continuing to work in the industry. Often, such prohibitions have been time-limited, although the Commission could also issue lifetime prohibitions where the circumstances warranted such an approach. In a recent enforcement case, however, the sanctions imposed on the respondent by one of the...

The Commission has today, issued in final form, the revised Handbook on Countering Financial Crime and Terrorist Financing. This follows the approval of the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) (Amendment) Regulations, 2019 by the States of Guernsey on 12 June 2019. These amendments introduce an activation date of 31 March 2019 for the application of measures relating to...

First Quarter 2019 Investment Funds The net asset value of total funds under management and administration has decreased in Sterling terms during the quarter ended 31 March 2019 by £1.3 billion (0.5%) to £280.4 billion. For the year since 31 March 2018, total net asset values increased by £17.9 billion (6.8%). Open-ended Funds Within these totals, Guernsey domiciled open-ended funds remained...

The Commission has today published revised guidance on the regulatory requirements for Private Trust Companies (“PTCs”) and the expectations of licensed fiduciaries which administer PTCs. The key revision to the guidance is the replacement of the previous requirement for a representative of an administering Full Fiduciary Licensee to sit on the board of a PTC with a more outcomes-based approach...

The Commission has issued an FAQ to those considering investing in mini-bonds. It can be found here.

The Commission has today issued its report on the thematic review of beneficial ownership of Guernsey and Alderney legal persons managed or administered by fiduciary licensees. The review was undertaken during the latter part of 2018 and the early part of 2019. A copy of the thematic review can be found by clicking on the following link: Beneficial Ownership of Guernsey and Alderney Legal Persons...

The Commission has published its 2018 annual report and financial statements. Amongst the themes explored in the report is the level of new financial services business coming to the island last year with the investment sector in particular seeing an uplift in applications. Insurance Linked Securities also continued to see growth. During 2018, the Commission worked with government and industry in...

Members of industry are advised that this event, which will take place on Thursday 4 th April at St James, is now oversubscribed. Waiting lists are in place for sessions 1 and 2 although there are some places still available on session 3. All those attending will need to have registered their interest in advance by emailing the completed invitation form to [email protected]. Registration identification...

On 30 October 2015, the States of Deliberation approved a Policy Letter submitted by the Policy Council which recommended that the regulatory laws should be updated to reflect current international standards. Representatives of the States of Alderney and the Chief Pleas of Sark had previously indicated their support for the proposals which followed a major public consultation process. More...