News

The Guernsey Financial Services Commission consulted on proposals to introduce changes to the FRR rules for full fiduciary licensees (“FFLs”). The consultation, which closed on 19 June 2017, generated a number of substantive responses, for which the Commission is grateful. The Commission is giving careful consideration to the views and opinions expressed by respondents and further discussions will...

The Commission has today published updated guidance on its Decision Making Process which is used in instances where the Commission proposes the imposition of an enforcement measure or sanction. The revised guidance is aimed at further streamlining the process whilst maintaining the open and transparent approach which has always been a key feature of the guidance. The updated guidance can be found...

Council Regulation (EC) No 36/2012, as implemented by the Syria (Restrictive Measures) (Guernsey) Ordinance, 2012, the Syria (Restrictive Measures) (Alderney) Ordinance, 2012 and the Syria (Restrictive Measures) (Sark) Ordinance, 2012, has been amended by Council Implementing Regulation (EU) No 2017/1751. The Implementing Regulation is available here: http://eur-lex.europa.eu/legal-content/EN/TXT/...

Last week, Startup Guernsey hosted Guernsey's first Data Conference to explore how big data and its management is changing the world as well as what it means for the future of local businesses in Guernsey. The conference was sponsored by the States of Guernsey, PwC, JT and Bedell Cristin. The Commission’s Director General, William Mason, was the key note speaker at the conference. Other speakers...

This morning the Policy & Resources Committee approved “The Investor Protection (Designated Countries and Territories) (Bailiwick of Guernsey) Regulations, 2017” (“the regulations”). The regulations are in force from today. These regulations designate certain countries and territories for the purposes of s29(1)(cc) of the Protection of Investors (Bailiwick of Guernsey) Law 1987. The effect of this...

This Notice is issued further to previous Sanctions Notices issued in relation to the updating of information relating to five individuals (the listed persons) on the list of persons associated with ISIL (Da’esh) and Al-Qaida maintained under United Nations Security Council Resolution 1267. Please be advised that corresponding changes have now been made to the list maintained by the European Union...

HM Treasury has renewed the final designation of two entities under the Terrorist Asset-Freezing etc. Act 2010. The entities therefore remain Designated Persons for the purposes of the Act. Details of the individuals are available here: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/652076/TAFA_Renewal_Notice.pdf Persons who are the subject of a designation under and...

Council Regulation (EU) No 2017/1509, as implemented in the Bailiwick by the North Korea (Restrictive Measures) (Guernsey) Ordinance, 2017, the North Korea (Restrictive Measures) (Alderney) Ordinance, 2017, and the North Korea (Restrictive Measures) (Sark) Ordinance, 2017, has been amended by Council Regulation (EU) No 2017/1836, Council Regulation (EU) No 2017/1858 and Council Implementing...

As part of our ongoing commitment to World Investor Week, a global campaign promoted by IOSCO to raise awareness about the importance of investor education and protection, the GFSC is pleased to publish a Pensions Helpsheet, which can be found here. The helpsheet highlights a number of areas which consumers should focus on when considering their pensions arrangements. Gillian Browning, Director of...