Investment

The Guernsey Financial Services Commission (“GFSC”) announced on 7 August 2018 its participation in the Global Financial Innovation Network (“GFIN”) ( link to news story ) and today GFIN has published two documents: 1) A Press Release confirming the GFIN’s functions and the opening of a 1-month application window for Cross-Border testing 2) GFIN’s Terms of Reference for Membership and Governance...

GUERNSEY FINANCIAL SERVICES COMMISSION ANNUAL FEES 2019 All businesses, entities and individuals licensed by or registered with the Guernsey Financial Services Commission are reminded that the payment of annual fees to the Commission are due by 31 January 2019. Where applicable, a late payment penalty fee will be applied for payments received after the due date in accordance with Regulation 2 of...

REVISED FORMS 142, 143, 145 & GUIDANCE The Commission has revised the information requested in the annual licensee return 142. Investment Audited Financial Statements and Compliance Returns (Licensee) . Specific revisions are also reflected in 143. Investment Audited Financial Statements (Funds) and 145. Investment Quarterly Return . These revisions are in response to feedback from industry, with...

Third Quarter 2018 Investment Funds The net asset value of total funds under management and administration has increased in Sterling terms over the quarter ended 30 September 2018 by £4 billion (1.4%) to £280 billion. For the year since 30 September 2017, total net asset values increased by £11 billion (4.1%). Open-ended Funds Within these totals, Guernsey domiciled open-ended funds increased by...

The Commission is today issuing Instruction Number 03/2018 for Financial Services Businesses and Prescribed Businesses, replacing and repealing Instruction No. 02/2018 issued on 3 August 2018. Changes to Instruction No. 03/2018 include the addition of The Bahamas, Botswana and Ghana. Further details in respect of the inclusion of these three jurisdictions can be found within Part B of the...

The Commission is pleased to announce the publication of the Code of Market Conduct (“the Code”) following the closing of the consultation period on 12 July 2018. The aim of the Code is to provide guidance on whether or not behaviour amounts to market abuse, in the opinion of the Commission. The Commission would like to express its gratitude to everyone who has provided valuable feedback on the...

The Guernsey Financial Services Commission (“The Commission”) recognises that cyber and information security is a high priority risk area for organisations of all sizes. The Commission considers that all financial services firms and prescribed businesses in the Bailiwick of Guernsey should have a structured approach to managing cyber and information security. Cyber and information security should...

The Commission has today released guidance to assist individuals, and the entities who may employ them, on how to meet the “fit and proper” standard set out in the relevant minimum criteria for licensing. The guidance may be found here . Please note the above article has been archived. Please refer to the latest guidance on Fit and Proper Persons.

The Commission has historically consulted annually with industry on proposals for increasing the fees which it charges licensees. Those fees represent the Commission’s principal method of funding its operational costs including any capital expenditure. However, after careful consideration, the Commission has decided not to seek any increase in the current level of its fees for the next two years...