General

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...

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...

Further to the announcement in our 2021 Annual Report advising of our intention to implement mandatory two-factor authentication (‘2FA’) on our Online Portals for all our regulated entities, we have been working on our background systems. On this basis by 31 May 2023, the Commission intends to switch 2FA on for all Portal Users who have not yet enabled this functionality. 2FA is an additional...

Today, the Commission issued a Consultation Paper on Retail General Insurers. General, as opposed to life, insurance concerns coverage for house contents, bikes, health costs and so on. Guernsey already offers such insurance on a global basis and aims to grow this business. To support this aim, the Commission intends to develop further the current regulatory regime. This involves a strengthening...

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 South Africa and Nigeria. FATF has removed Morocco and Cambodia from its list of jurisdictions under increased...

The Commission’s website has been updated and refreshed and today is re-launched with some new features designed to improve its functionality, user experience and accessibility. Recognising that the Commission’s website is a key tool which we use to relay messages and information to industry, these changes have been delivered as part of the Commission’s 2021-24 three-year business plan. The search...

The Commission has today published a Consultation Paper proposing rules for the mandatory filing of three existing financial crime returns to which administrative financial penalties will apply for late filings and inaccurate submissions. The Commission is intending to make rules which will make mandatory the filing of the following returns within the timeframes set: The annual financial crime...

In September 2022, the Guernsey Financial Services Commission launched its Natural Capital Fund framework, as part of the growing Guernsey Sustainable Funds Regime. In December 2022, at COP 15, governments from around the world came together to agree on a new set of goals to guide global action by 2030 to halt and reverse nature loss. [1] To ensure that the Natural Capital Fund framework reflects...