General

The Commission has issued a Feedback Statement regarding the LCF Consultation Paper on the GFSC Citizen Space Consultation Hub. Feedback Statement

The Commission is seeking feedback on the provisions of the draft Protection of Investors Law and the definitions which are proposed to be used across the revised supervisory laws and specifically whether these may have any unintended consequences or contain fatal flaws. The engagement papers which the Commission has published set out the topics upon which assistance is requested and questions...

GUERNSEY FINANCIAL SERVICES COMMISSION ANNUAL FEES 2018 All businesses, entities and individuals licensed by or registered with the Guernsey Financial Services Commission are reminded that the payment of annual fees to the Commission are due by 31 January 2018. If payment is received after the due date a late payment penalty fee will be applied in accordance with Regulation 2 of the Financial...

The Commission has issued an FAQ to those considering investing in Bitcoins or Bitcoin related investments. It can be found here.

Licensees are reminded that where a Licence is held at as at 1 January 2018 and no request has been received by the Commission by close of business on 31 December 2017 to cancel or surrender that licence, then the (non-refundable) annual licence fee for 2018 will be payable by the licensee. Likewise, where no request to suspend or revoke the authorisation or registration of a collective investment...

The Commission has published a guide to financial services regulation in the Bailiwick which is intended to clarify and explain regulation in a non-legal way. To view or download a copy please click here. At the same time, the Commission has taken the opportunity to republish its guide to risk based supervision in Guernsey which was first published in April 2016. To view or download a copy please...

During late 2016 a thematic review of fund managers and fund administrators' governance, risk and compliance frameworks was jointly undertaken by the Investment Supervision and Policy Division and the Financial Crime Supervision and Policy Division of the Commission. The Investment Supervision and Policy Division report which focussed on the mitigation of governance and compliance risk in relation...

In January 2016, the States of Deliberation (the States) agreed to increase the maximum level of financial penalties available to the Commission which can be applied in cases where there have been serious breaches of the regulatory laws. Subsequently, in March 2016, the States approved the necessary legislation (Projet de Loi) to give effect to the proposals. The Commission has been informed that...

The Commission has confirmed that it will apply an increase of 3% across all sectors for 2018, not including anomalies. Anomalies include a flat fee of £2,000 for change of controller applications which will be introduced under the Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law 2002, and the Protection of Investors (Bailiwick of Guernsey) Law, 1987. A similar fee will...