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Exemptions from licensing – personal directorships

12th June 2023
On 5 June 2023, the Regulation of Fiduciaries etc (Bailiwick of Guernsey) (Amendment) Regulations, 2023 were made by the Policy & Resources Committee (the “Committee”). These Regulations, which are to be laid before the States meeting on 5 July and which come into operation on 8 July, expand the available licensing exemptions for certain categories of personal directorship activity. The...

Consultation on AML/CFT Obligations upon VASPS and Additional Obligations upon Licensed Trustees and Partners

9th June 2023
Today a consultation paper has been issued on the proposed additional rules and guidance for virtual asset service providers (“VASPs”) and specified businesses with a connection to, or involvement with, virtual assets, on how to meet the requirements of Schedule 3 to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law 1999 (“the POC Law”) and rules in the Handbook on Countering...

2022 Annual Report

1st June 2023
The Commission has today published its 2022 annual report and financial statements . In the annual report, the Commission discusses: the increased risks faced by the financial services sector as a result of high inflation and rising interest rates; its continued development of digital technology to enhance performance; its work with Guernsey Finance and others to develop the Bailiwick’s...

Advanced Notice - Changes to the Fiduciary Annual Return

25th May 2023
Additional Question The 2023 Fiduciary Annual Return, which will be available on licensees' timelines on 27 May 2023, includes the following additional question: Breakdown of business by geography for trusts, foundations, companies and partnerships. Currently fiduciary licensees are required to identify the country of residence of the settlor of a trust, the founder of a foundation or the...

Trevor Kelham v. Chairman of the Guernsey Financial Services Commission

23rd May 2023
Following publication by the Royal Court, we are making available the judgment of the Deputy Bailiff given in response to Mr Kelham’s appeal against the sanctions imposed on him by the Commission’s Senior Decision Maker. Those sanctions were covered separately in the public statement we issued on 18 May 2023 following Mr Kelham’s decision not to further appeal the matter. This appeal hearing was...

Mr Trevor James Kelham and Ms Sarah Jayne Sarre

18th May 2023
The Financial Services Commission (Bailiwick of Guernsey) Law, 1987 (the “Financial Services Commission Law”); The Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulations, 2007 as amended (“the Regulations”). The Handbook for Financial Services Businesses on Countering Financial Crime and Terrorist Financing (“the Handbook”). The Principles of the...

(1) Ian Charles Domaille (2) Ian Geoffrey Clarke (3) Margaret Helen Hannis and Guernsey Financial Services Commission

25th April 2023
We are preparing to ask the Guernsey Court of Appeal to review legal aspects of the judgment handed down in this matter on 18 April 2023 because some of the reasoning and interpretation of the law contained in the judgment does not align with our understanding of our statutory duties and powers - as endorsed by the Royal Court and Guernsey Court of Appeal in prior judgments concerning appeals...

Applications under The Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022

13th April 2023
Thank you to everyone who took advantage of the early submission window and associated discounted fee structure. The Commission received a significant number of applications during this period which ran from 1 February to 31 March 2023. As we received a large number of applications at the same time, please note it may take us several weeks to get in contact with everyone who has submitted during...

Fourth Quarter 2022 Investment Statistics

29th March 2023
Guernsey Funds   The total net asset value of Guernsey funds decreased over the quarter by £11.1 billion (-3.7%).  Over the past year, total net asset values have decreased by £12.0 billon (-3.9%).  Open-ended Schemes   Within these totals, Guernsey domiciled open-ended funds decreased over the quarter by £2.8 billion (-5.3%) to £50.8 billion.  This represents a decrease of £3.7 billion (-6.9%) in...