News

Registered Business

Revised rules, codes and guidance

6th October 2021
The Commission is publishing today the finalised draft revised rules, codes and guidance that accompany the introduction of the revised principal laws dealing with the regulation of financial services business in the Bailiwick as part of the Commission’s Revision of Laws project. The new rules, codes and guidance will come into effect on Monday 1 November 2021, on the same day as the new and...

Commission consults on Fees for 2022

16th July 2021
The Commission today launches a consultation paper on proposals for increasing the licence fees paid by firms. The consultation period will close on Wednesday 8 September. The Commission’s consultation paper is available here. Feedback may be provided via the Consultation Hub section of the Commission’s website: https://consultationhub.gfsc.gg Taking into account the Commission’s current and...

Updates to the Handbook on Countering Financial Crime and Terrorist Financing and issuance of Instruction

5th July 2021
The Commission has today issued amendments to the country lists in Appendix C and Appendix I of the Handbook on Countering Financial Crime and Terrorist Financing reflecting the Financial Action Task Force’s updated list of jurisdictions under increased monitoring, which includes Malta, Haiti, the Philippines and South Sudan. The amendments include the removal of Malta from the list of equivalent...

Removal of restriction on the use of Incorporated Cell Companies by Non-Financial Services Businesses

5th July 2021
The Commission has implemented The Companies (Incorporated Cell Companies) (Prescribed Classes) Regulations, 2021. Previously, under the Companies (Guernsey) Law, 2008 a non-financial services business wishing to be incorporated as an Incorporated Cell Company (ICC), was required to be administered by a licensed person. The new regulations remove this requirement where the ICC is to be a non...

Considering climate change – the Commission publishes updated Finance Sector Code of Corporate Governance

10th June 2021
The Commission has today published the amended Finance Sector Code of Corporate Governance which asks Boards to consider the impact of climate change on their strategy and risk profile and, where they judge it appropriate, make climate change related disclosures. A copy of the new Code can be found here. This amendment was consulted on as part of the Commission’s Spring Green Consultation, issued...

Commission’s 2020 Annual Report

13th May 2021
The Commission has today published its 2020 annual report and financial statements. Talking about the report, the Commission’s Director General, William Mason noted that: “Last year, in common with the rest of the world, the Bailiwick had to deal with the effects of the global pandemic. During that period, the Commission faced a number of additional challenges as did our licensees. I was therefore...

Risk Warning Regarding Phishing Attempts

9th April 2021
The Commission is aware that there has been a recent increase in phishing attempts targeting local businesses. Firms are reminded of the guidance available to them in the Commission’s Cyber Rules and Guidance, 2021 and in particular the need to ensure the Firm: has appropriate cyber security software in place; implements IT systems updates in a timely manner; and its staff exercise caution and...

Commission publishes two papers addressing Green and Climate related Risk

11th March 2021
The Commission has today published a Spring Green Consultation Paper - please click here and its Thematic Review of the Guernsey Green Fund Regime - please click here. Both documents underline the Bailiwick’s ongoing commitment to this important area. The Spring Green Consultation Paper proposes an addition to the Finance Sector Code of Corporate Governance, to take specific account of climate...

Commission allows more time for firms to complete regulatory returns

9th February 2021
The Commission is today stating that late filing fees will not be applied in respect of all regulatory returns that are due to be submitted between now and the end of June provided they are submitted within two months of the original deadline. Although the timelines on the Commission’s Online returns portal for returns will not be altered so the original dates will still show, the Commission will...