News

The Commission today launches a consultation paper (please click here for a copy) on its proposals for increases in the 2017 licence fees paid by firms. The consultation period will close on Wednesday 31 August. An overall blended rate of increase of 2%, including anomalies, is proposed for 2017. Commission Chairman, Cees Schrauwers, said “ This will be the fifth year in succession where the...

​ As highlighted in the Commission’s news release of 30 March 2016 following the initial submission of Return 145 for the quarter ended 31 March 2016 many licensees, dependant on their impact rating and main regulated activity, will now only be required to submit the information requested on a Return 145 on an annual basis. Certain licensees, dependant on their impact rating and main regulated...

​ESMA has today confirmed its positive advice to the EU Commission regarding the extension of the AIFMD passport to Guernsey ( click here ). In its advice ESMA states “that there are no significant obstacles regarding investor protection, competition, market disruption and the monitoring of systemic risk impeding the application of the AIFMD passport to Guernsey.” Guernsey is one of just five...

​ISIL (Da'esh) and Al-Qaida Network Please be advised that the United Nations Security Council has deleted 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 list are subject to restrictive measures which include targeted financial sanctions. Further details are available here: http...

​Following last year’s successful one-day seminar for intermediaries on conduct of business, the Commission recently held an interactive seminar which was attended by approximately 85 representatives from insurance intermediaries, insurance companies, insurance managers and retail banks. In selecting the topic for this year’s seminar, the Commission recognised that significant changes will be...

Following a short consultation with industry the Commission has today issued revised Annexes to the Financial Services Business ("FSB") and Prescribed Business ("PB") Handbooks on the use of technology in the customer due diligence process. The updates have removed the guidance on the use of online utility bills and clarified further the interplay between the existing rules in the Handbooks and...

Please be advised that the United Nations Security Council has deleted 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 list are subject to restrictive measures which include targeted financial sanctions. Further details are available here: http://www.un.org/press/en/2016/sc12433...

A number of amendments have been made to the sanctions regime imposed by Council Regulation (EC) No 329/2007, as implemented in the Bailiwick by the North Korea (Restrictive Measures) (Guernsey) Ordinance, 2007, the North Korea (Restrictive Measures) (Alderney) Ordinance, 2007, and the North Korea (Restrictive Measures) (Sark) Ordinance, 2007. These amendments are automatically and immediately...

A number of changes have been made to the sanctions regimes in place regarding ISIL (Da’esh) and Al-Qaida. Further to previous Sanctions Notices issued in relation to the addition of five individuals to the list of persons associated with ISIL (Da’esh) and Al-Qaida maintained under United Nations Security Council Resolution 1267,and the removal of one individual from that list, corresponding...