News

The Commission has today published its 2017 annual report and financial statements. Amongst the key themes explored in the report is a focus on ‘Green Finance’ with a regulatory initiative expected to be launched by the Commission in June to be known as the Guernsey Green Fund. It will be open to all types of funds and compliance with green criteria will be required. In addition to the Guernsey...

Friday 22 June As part of our commitment to support innovation, the Guernsey Financial Services Commission is hosting a one day event, Friday 22 June, which will provide an opportunity for Bailiwick businesses or individuals to develop digital solutions to 3 pre-set challenges. The SoundBox Sprint will provide a unique one stop access to key bailiwick decision makers and business subject experts...

The Commission has published a report on its thematic review of the financial crime governance, risk and compliance frameworks within smaller firms within the fiduciary sector. The Financial Crime Supervision and Policy Division report which focused on the controls in place to manage and mitigate money laundering and terrorist financing risks can be found here. This thematic report confirms that...

Earlier this week, in a presentation i to a meeting of the IOSCO ii European Regional Committee, representatives of the GFSC advocated an assessment of the potential for developing a template or multilateral instrument to help the ongoing evolution of mutual recognition regimes within the funds industry. The GFSC’s representatives who attended the meeting noted that IOSCO’s seminal 2015 work in...

Council Regulation (EU) 224/2014, as implemented in the Bailiwick by the Central African Republic (Restrictive Measures) (Guernsey) Ordinance, 2014, the Central African Republic (Restrictive Measures) (Alderney) Ordinance, 2014 and the Central African Republic (Restrictive Measures) (Sark) Ordinance, 2014, has been amended by Council Implementing Regulation 2018/698. The effect of the amendment...

Council Regulation (EU) No 1352/2014, as implemented in the Bailiwick by the Yemen (Restrictive Measures) (Guernsey) Ordinance, 2014, the Yemen (Restrictive Measures) (Alderney) Ordinance, 2015 and the Yemen (Restrictive Measures) (Sark) Ordinance, 2015, has been amended by Council Implementing Regulation (EU) No 2018/689. The effect of the amendment, which is automatically effective in the...

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

The Commission has today issued a consultation paper making proposals in respect of Regulations applicable to insurance managers and intermediaries licensed under the Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002. The Approved Assets Regulation Consultation Paper proposes amendment to the Insurance Managers and Insurance Intermediaries (Approved Assets)...

Council Regulation (EU) No 2013/401, as implemented in the Bailiwick by the Myanmar/Burma (Restrictive Measures) (Guernsey) Ordinance, 2013, the Myanmar/Burma (Restrictive Measures) (Alderney) Ordinance, 2013, and the Myanmar/Burma (Restrictive Measures) (Sark) Ordinance, 2017, has been amended by Council Regulation 2018/647. The effect of the amendments, which are automatically and immediately...