GFG Limited (in voluntary liquidation)

11th January 2023
On 16 November 2022, the Commission imposed a discretionary financial penalty of £280,000 on GFG Limited (in voluntary liquidation). This sanction was imposed as a result of the firm’s failure to meet the minimum criteria for licensing under the Protection of Investors (Bailiwick of Guernsey) Law, 2020. More details to follow in due course.

Crescendo Advisors International Limited, Mr Hamish Jebb Hamilton Few

30th December 2022
The Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 (“the Enforcement Powers Law”) The Protection of Investors (Bailiwick of Guernsey) Law, 1987 and the Protection of Investors (Bailiwick of Guernsey) Law, 2020 (collectively “the POI Law”)[i] Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulations, 2007 (“the...

Guernsey Financial Services Commission at COP15 to discuss how private capital can address biodiversity challenges

19th December 2022
On Tuesday 13 December, William Mason, Director General of the Guernsey Financial Services Commission spoke as part of a Canadian-led panel on “Business investing for biodiversity and climate objectives”. The panel was part of COP15[1] – UN Biodiversity Conference[2] in Montreal, Canada which saw governments from around the world coming together to try to agree on a new set of goals to halt and...

Consultation Paper - Director Exemption

8th December 2022
The Commission has today published a Consultation Paper on proposals to make new regulations providing for the exemption from licensing under The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (the “Fiduciaries Law”) of the activity of acting as a director of certain companies connected to registered or authorised collective...

Consultation on ‘six directorship’ exemption for directors

24th November 2022
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...

Notice Regarding the Modification of the Licensees (Capital Adequacy) Rules, 2021 for Certain Classes of Licensee

3rd November 2022
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...

‘Green Isle’ Guernsey launches Natural Capital Fund regime

20th September 2022
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...

Professional Indemnity Insurance Requirements - Revised Rules

2nd September 2022
Following the recent publication of two consultation papers in relation to PII requirements for Investment, Fiduciary and Insurance sectors, when interested parties were offered an opportunity to provide fatal flaws comments on the amendments of the Fiduciary Rules, the Capital Adequacy Rules, the Insurance Managers Rules and the Insurance Intermediaries Rules, feedback was received from three...

Consultation Paper on The Lending, Credit & Finance Rules, Guidance and Implementation

21st July 2022
The Commission has today published a Consultation Paper setting out the Commission’s Rules and approach for regulating the sectors covered by The Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022, and is seeking feedback on its proposed Rules and approach. The purpose of the new Law, which was passed by the States of Guernsey on 14 July 2022, is to protect customers in the Bailiwick...

Commission consults on Fees for 2023

20th July 2022
The Commission today launches a consultation paper on proposals for increasing the licence fees paid by firms. The consultation period will close on Wednesday 14 September. The consultation paper is available on the Commission’s Consultation Hub. The Commission is consulting on an overall increase in fees of 9%. Other specific proposals to change fees are outlined in the consultation paper and...