General

Mr Nicpon was a director and shareholder of International Alliance Insurance Limited, which was placed into compulsory liquidation on 4 April 2006 by the Royal Court on application by the Commission. International Alliance Insurance Limited was not licensed under The Insurance Business (Bailiwick of Guernsey) Law, 2002 (“the Law”) to undertake insurance business in or from within Guernsey. In 2005...

​ THE Guernsey Financial Services Commission has promoted Caroline Bradley to Deputy Director of the Insurance Division. Mrs Bradley joined the GFSC in 2008 after a long career in insurance. Having started out as a graduate trainee with a major UK insurer, she specialised as a loss adjuster, then, on moving to Guernsey, she spent 13 years working in captive management dealing with all types of...

The Guernsey Financial Services Commission and Germany’s banking, insurance and securities regulator, BaFin, have signed a Memorandum of Understanding (MoU), which provides a framework for enhanced cooperation between the two supervisory authorities. The MoU has been signed in the spirit of mutual cooperation and information exchange seen as crucial by the G20 countries and international standard...

​With effect from 1 June 2011 calls to and from the Commission will be recorded.

​ FUNDS UNDER MANAGEMENT CONTINUE TO GROW STATISTICS FOR NON-FUND INVESTMENT SECTOR RELEASED Investment Funds The net asset value of total funds under management and administration grew by £6.2 billion (2.4%) over the quarter ended 31 March 2011 to £263.6 billion. For the year since 31 March 2010, total net asset values increased by £66.2 billion (33.6%). Within these totals, Guernsey domiciled...

​ The States of Guernsey has adopted restrictive measures against certain persons, entities and bodies in view of the situation in Syria. A link to the States of Guernsey press release can be found at here .

​ FIVE new Deputy Directors have been appointed at the Guernsey Financial Services Commission. They will fill four vacant positions besides one newly created. All the successful candidates have been recruited from inside the Commission. The new post is a second Deputy Director of the Investment Business Division, in order to strengthen the department. The appointments are: Emma Bailey and Louise...

​ The Commission has placed a revised draft of the Finance Sector Code of Corporate Governance on the consultation page of its website . Any comments on the Code should be provided in writing to the Policy and International Affairs team at the Commission by close of business on 1 June. Code of Corporate Governance - Consultation Paper for GFSC

​ The EU has revised its sanctions list in relation to Belarus to include President Lukashenko and certain officials of Belarus. Accordingly, Council Implementing Regulation (EU) No 271/2011 has amended Annexes 1 and 1A to Council Regulation (EC) No 765/2006. Council regulation (EC) No 765/2006 is implemented in Guernsey by the Belarus (Freezing of Funds) (Guernsey) Ordinance, 2006 which is made...