News

IMF Assessment of the Supervision and Regulation of the Financial Sector

25th November 2003
​Guernsey Secures Independent, International Commendation for Regulatory and Law Enforcement Standards Press Release 25 November 2003 Guernsey's financial regulation and law enforcement standards are commended in a report published today by the International Monetary Fund (IMF). Guernsey has been assessed by the IMF to have 'a high level of compliance' for each of the international standards...

GFSC Commences Hedge Fund Consultation

17th November 2003
The Guernsey Financial Services Commission today issued for consultation a document, "The regulatory framework for Hedge Funds in Guernsey", setting out a range of practical issues which are faced by the growing number of hedge funds domiciled in Guernsey, and seeking views from interested parties on those issues and the solutions which may be available. The paper, which is obtainable from the...

Closed ended investment Funds - Commission Guidance Clarifies Policy to Assist Fund Sponsors

10th November 2003
The following guidance is issued by the Guernsey Financial Services Commission under the provisions of Section 12(3) of the Control of Borrowing Ordinance 1959, as amended. It is intended to assist sponsors of closed-end investment funds in preparing applications for consent, and to help them avoid unnecessary delay. The guidance sets out the Commission's usual expectations for the content of...

Third Quarter 2003 Investment Statistics

7th November 2003
​New record levels for the value of open-end, closed-end and non-Guernsey schemes administered in the Bailiwick were reported at the end of September, taking sums under management above £50 billion for the first time. Total sums under management increased by 11.9% in the three months to the end of September 2003 to reach a new record high of £52.1 billion. Within that total, open-ended funds...

Amherst International Warning

16th September 2003
It has come to the Commission's attention that a number of residents of the Bailiwick have received unsolicited calls from representatives of Amherst International. The Commission would refer residents to its previous notices on the subject of cold calling on 1 June 2002, 24 July 2003 and 10 September 2003(all of which can be viewed on this website). Firms wishing to conduct investment business...

Sukomo Group Warning

10th September 2003
It has come to the Commission's attention that a number of residents of the Bailiwick have received unsolicited calls from representatives of the Sukumo Group. The Commission would refer residents to its previous notices on the subject of cold calling on 1 June 2002 and 24 July 2003 (both of which can be viewed on this website). Firms wishing to conduct investment business within the Bailiwick...

Cold Calling Investment Scam

22nd July 2003
The Commission has had a new twist to an investment scam brought to its attention and wishes to warn local investors about it.Over the past few years a number of local residents have been "cold called" by brokers from outside the Island attempting to get people to invest in shares in small overseas companies. The general pattern has been for the value of these thinly traded shares to dwindle and...

Consultation on Proposed Changes to Anti-Money Laundering Regulations and Guidance Notes

16th July 2003
​By notice issued in La Gazette Officielle on 16 July 2003, the Guernsey Financial Services Commission advised that proposed amendments to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Regulations and the Guidance Notes on the Prevention of Money Laundering and Countering the Financing of Terrorism had been placed for consultation in the "Prevention of Economic Crime" section of...

Principles for the Management of Credit Risk

17th June 2003
MEMORANDUM FILE REF: B52 TO: Managing Directors and Branch Managers of Guernsey Banks I enclose for your attention a copy of the Basel Committee on Banking Supervision's paper entitled "Principles for the Management of Credit Risk." It can be obtained in electronic format (PDF) from the Committee's website at http://www.bis.org/publ/bcbs75.pdf Management of Credit Risk Although this paper was...

Seminar on International Cooperation and the Exchange of Information

13th June 2003
​13 June 2003 The Guernsey Financial Services Commission has marked its fifteenth anniversary by sponsoring a seminar on international cooperation and the exchange of information. The seminar was aimed at regulators, financial intelligence officers, law enforcement officials, prosecutors and representatives of other authorities with an interest in financial services regulation and the prevention...