News

The Commission has today published its 2016 annual report and financial statements. Amongst the key themes explored in this year’s report is the role of boards and Non-Executive Directors, their responsibilities for assessing and controlling the risks faced by their firms as well as the importance of establishing and maintaining appropriate governance arrangements. The report also highlights the...

It has come to the Commission’s attention that there is an entity named Sark Company Registry which has been registered as a non-profit organisation in Sark and which has a website bearing the same name. The Commission wishes to emphasise that there is no company legislation in Sark. Anyone considering using the services of this organisation is advised to seek legal advice on the standing of...

The Commission has updated its guidance on whether individuals acting as directors need to obtain a personal fiduciary licence, which can be accessed by following this link . The updated guidance extends to individuals who act as directors of registered funds.

This Notice is issued further to a previous Sanctions Notice issued in relation to the deletion of three individuals from the list of persons associated with ISIL (Da’esh) and Al-Qaida maintained under United Nations Security Council Resolution 1267. Please be advised that a corresponding change has now been made to the list maintained by the European Union under Council Regulation (EC) No 881...

Please be advised that the United Nations Security Council has deleted three individuals from the list of persons associated with ISIL (Da’esh) and Al-Qaida maintained under United Nations Security Council Resolution 1267. All persons on the list are subject to restrictive measures which include targeted financial sanctions. Further details are available here: https://www.un.org/press/en/2017...

HM Treasury has renewed the final designation of an individual under the Terrorist Asset-Freezing etc. Act 2010. The individual therefore remains a Designated Person for the purposes of the Act. Details of the individual are available here: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/611612/Notice_TAFA_Fawaz_Notice.pdf Persons who are the subject of a designation...

The Commission publishes today, 4 May 2017, a proposed new pensions supervisory framework for consultation as was communicated in the States report published on 27 April 2017, which can be found via this link . This comprises a proposed extension of regulated activities (under the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 (...

The Guernsey Financial Services Commission is consulting on proposals to introduce new FRR rules for full fiduciary licensees. Background The Commission has been working with the Guernsey Association of Trustees (GAT) with the intent of reviewing and updating the FRR as applicable to full fiduciary licensees. Key reasons for the proposed new FRR rules are: 1) to enable Guernsey to meet...

The United Nations Security Council has removed one individual from the list of persons associated with ISIL (Da’esh) and Al-Qaida maintained under United Nations Security Council Resolution 1267. All persons on the UN list are subject to restrictive measures which include targeted financial sanctions. Further information is available here: https://www.un.org/press/en/2017/sc12786.doc.htm UN...