General

​The Commission is aware that some individuals working at local financial services businesses have received email correspondence which invites them to apply for a position of employment. The activities of the entity making the offer may involve the laundering of criminal proceeds. The common characteristics of this approach are as follows: An email is sent allegedly from a company offering a...

​The Financial Services Business (Bailiwick of Guernsey) Law, 1987, as amended (“the Financial Services Commission Law”) The Insurance Business (Bailiwick of Guernsey) Law, 2002, as amended (“the Insurance Law”) The Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulations, 2007, as amended (“the Regulations”) The Handbook for Financial Services...

The Commission is today issuing Instruction (Number 20) for Financial Services Businesses and Instruction (Number 18) for Prescribed Businesses, copies of which can be accessed on the AML/CFT section of the Commission’s website. Business from Sensitive Sources Notices Instruction (Number 19) for Financial Services Businesses and Instruction (Number 17) for Prescribed Businesses are now repealed...

​ The Commission has received enquiries regarding the application of derogations granted under The Collective Investment Schemes (Class B) Rules 1990 (“Class B Rules 1990”). The Commission proposes that the same approach be taken as that used in respect of derogations of The Licensees (Conduct of Business) Rules, 2009 and the Licensees (Capital Adequacy) Rules, 2010. Therefore, the Commission...

The Commission can confirm that the Channel Islands Stock Exchange (CISX) is the subject of an on-going investigation in respect of certain of the CISX's historic activities. There are no investigations in respect of current matters. Due to the confidential nature of its investigation the Commission is unable to provide any further public comment.

The Guernsey Financial Services Commission (“the Commission”), with the assistance of a Working Party of practitioners from the investment business sector, has been preparing new Class B Rules for open-ended collective investment schemes authorised as Class B funds under section 8 of the Protection of Investors (Bailiwick of Guernsey) Law, 1987 as amended (“the Law”). The Class B Rules are...

The Commission is aware that during 2013 there has been an increase in the number of attempted, and in some cases successful, frauds on customer bank accounts held with local financial institutions. This has occurred via the use of compromised e-mail accounts or through the "piggy-backing" of e-mails. These fraudulent attempts are being made across a wide range of financial institutions with as...

The Guernsey Financial Services Commission notes the commercial decision made by The Co-operative Bank plc to close its Guernsey branch as part of a corporate restructuring exercise. The Commission has been kept fully informed by The Co-operative Bank of its decision and the arrangements for closure, and we will maintain close contact with the Guernsey branch as it winds down its business...

The Commission has issued the Code of Practice for Foundation Service Providers which comes into operation on 2 September 2013.