General

The Guernsey Financial Services Commission has today issued feedback on comments received on its proposals to amend the Code of Conduct for Authorised Insurance Representatives (“the Code”). The Commission has also published the final version of the Code, which will come into effect on 1 April 2017 - this is available to read via the following link: Code of Conduct for Authorised Insurance...

The Commission would like to draw attention to the recent publication of HMT’s feedback report on its consultation on transposition of MIFID II. https://www.gov.uk/government/consultations/transposition-of-the-markets-in-financial-instruments-directive-ii In particular firms are asked to note the determination of the UK not to implement the branching requirement as outlined in Article 39 of the...

GUERNSEY FINANCIAL SERVICES COMMISSION ANNUAL FEES 2017 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 2017. 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 consultation period for amendments to the Licensee (Conduct of Business) Rules has now ended and the new rules have now been published. A link to the Investment Legislation and Guidance page can be found here.

Announcement Strategy of the Investment Supervisory and Policy Division in respect of the Fund Sector During 2016 the Guernsey Financial Services Commission launched the Manager Led Product and the Private Investment Fund. This marked an intent by the Commission to respond to international challenges, servicing its mission statement of “Confidence in the Bailiwick: Securing good regulatory...

The Commission is today issuing a consultation paper on revisions to the Licensee (Conduct of Business) Rules Responses to the consultation which can be found via this link are sought by close of business on 29 December 2016.

The Commission is today issuing a consultation paper on revisions to the Code of Conduct for Authorised Insurance Representatives. The proposed Code clarifies the minimum standards expected to be met by an authorised insurance representative and takes into account current trading methodologies and rapidly changing and developing customer behaviours. Responses to the consultation which can be found...

The Financial Services Commission (Bailiwick of Guernsey) Law, 1987 as amended ("the Financial Services Commission Law") The Regulation of Fiduciaries, Administration Businesses and Company Directors etc (Bailiwick of Guernsey) Law 2000 (“the Fiduciaries Law”) The Protection of Investors (Bailiwick of Guernsey) Law, 1987 The Banking Supervision (Bailiwick of Guernsey) Law, 1994 The Insurance...

The Private Investment Fund Summary The Guernsey Financial Services Commission is today launching its regime for Private Investment Funds. This concludes its evaluation of the responses to the consultation process. The Commission is very grateful to all who responded and will be writing in due course to all who did so. The Applications Process The duration of the applications process would be one...