News

The Commission wishes to draw licensees' attention to the current military action in Iraq and Syria and the associated funding of the extremist insurgency group, Islamic State in Iraq and the Levant ("ISIL"). Reports suggest that ISIL is acquiring military hardware leftover from the Libyan conflict which is being transported to Iraq and Syria through neighbouring jurisdictions such as Jordan, or...

Council Regulation (EU) 269/2014, as implemented by the Territorial Integrity etc. of Ukraine (Restrictive Measures) (Guernsey) Ordinance 2014, the Territorial Integrity etc. of Ukraine (Restrictive Measures) (Alderney) Ordinance 2014 and the Territorial Integrity etc. of Ukraine (Restrictive Measures) (Sark ) Ordinance 2014, has been amended by Council Implementing Regulation (EU) No 2016/ 1955...

The Commission is today issuing a consultation paper on proposals for the implementation of a new regulatory liquidity framework for banks. The proposed framework establishes a revised minimum regulatory liquidity requirement for Guernsey incorporated banks, consistent with the Basel Committee’s Basel III standard, along with revised liquidity reporting requirements for all banks. Basel III...

Please be advised that there have been a number of developments in relation to the Bailiwick's sanctions regime which are set out below. These developments concern sanctions relating to Syria; ISIL and Al-Qaida; and Terrorism and Terrorist Financing. Syria Council Regulation (EC) No 36/2012, as implemented by the Syria (Restrictive Measures) (Guernsey) Ordinance, 2012, the Syria (Restrictive...

The Commission has confirmed that it will apply a blended rate increase of 2%, including anomalies, to the fees charged to licensees effective from 1st January 2017. There will also be a change to the fee structure for the insurance sector. Last year, the Commission agreed to work with representatives of the Guernsey International Insurance Association (GIIA) to determine whether an alternative...

The Commission today publishes a Discussion Paper ('DP') outlining a potential approach for modernising the supervisory framework for the provision of private pensions. This follows discussions with the States of Guernsey The DP has been developed with the input of a working group comprising representatives from stakeholders across the public and private sectors in particular members of both the...

The Commission is today issuing a consultation paper on proposed rules for Special Purpose Insurers. These rules will serve to codify the Commission’s existing practice in relation to Insurance Linked Securities and, in particular, entities conducting collateralised reinsurance. Responses to the consultation which can be found via this link are sought by Friday 11 November 2016.

The Guernsey Financial Services Commission is consulting on proposals to introduce a regime for private investment funds. Background This consultation is the evolution of discussions held by the Investment Supervision and Policy Division and industry, commencing with the Manager-Led Product. These discussions acknowledged a gap in the current suite of investment products within the Bailiwick...

Investment Audited Financial Statements (Funds) – Return Form 143 Investment Audited Financial Statements (Non-Guernsey Schemes) Return 143 should be completed by all licensees for whom it appears on their Online Submissions Timeline. Online Submission Form 200 should be used by licensees responsible for submitting Non-Guernsey Scheme accounts to the Commission until such time as a dedicated...