General

In July 2022, the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 (the “Law”) was approved by the States of Guernsey, the States of Alderney and the Chief Pleas of Sark. A Commencement Ordinance, passed last Friday, confirmed that the Law will come into effect in two stages. Various provisions come into effect from 1 January 2023 which will allow the Commission to put in place its...

The Policy & Resources Committee has today published a Consultation Paper seeking views on a proposed change to the requirements which affect some individuals acting as company directors, by way of business, in or from within the Bailiwick. The Commission encourages industry and stakeholders to contribute their feedback. Acting as a director for any company in the Bailiwick, by way of business...

The Commission plans to increase licence fees paid by firms from 1 January 2023 by 8.0% with the agreement of the Policy & Resources Committee. On 20 July 2022, the Commission issued a consultation paper on the fee rates and administrative penalties to apply from 1 January 2023, which contained the following proposals: an overall proposed increase in fees of 9%; application and annual fees in...

Nick Royle, a Commission Analyst, in this paper, sets out some perspectives on how regulators - particularly those in larger jurisdictions - might help correct for market failings and encourage corporate entities and their financial backers to invest in ways likely to help the world deliver COP 26 climate change mitigation targets. He wrote the paper in a private capacity as a submission for a...

The Commission has today issued a notice setting out a modification of the Licensees (Capital Adequacy) Rules, 2021 for any licensee under the Protection of Investors (Bailiwick of Guernsey) Law, 2020 (“the POI Law”) which does not have a physical presence in the Bailiwick, is administered by another licensee in the Bailiwick and which is a general partner, manager or investment adviser of a...

Guernsey Funds The total net asset value of Guernsey funds has decreased in Sterling terms during the last quarter by £6.8 billion (-2.2%) to £302.8 billion. Over the past year, total net asset values have increased by £30.2 billon (11.1%). Open-ended Schemes Within these totals, Guernsey domiciled open-ended funds decreased over the quarter by £0.2 billion (-0.3%) to £54.2 billion. This...

The Guernsey Financial Services Commission is pleased to announce three significant developments in its policy framework for sustainable finance coming into effect today. First, the Commission is launching its Natural Capital Fund framework, a new offer in the growing Guernsey Sustainable Funds Regime marking the completion of a pledge made as part of COP26 to extend the Commission’s regulatory...

On 15 September 2022, the Commission imposed a discretionary financial penalty of £87,500 on Geoffrey John Trebert and prohibited him from holding the position of controller, director, partner, manager, money laundering reporting officer and money laundering compliance officer for a period of two years and ten months. The exemption set out in section 3(1)(g) of the Fiduciaries Law (which would...

On Wednesday 21 September, as part of Guernsey’s Sustainable Finance Week, the Commission is hosting a ‘Meet the Regulator’ session. Come and meet our Authorisations team who can answer your questions about our sustainable finance approach or regulated business in Guernsey. To find out more and to book a meeting visit: ow.ly/XCN150KNFwc