News

David John Merrien

19th December 2013
The Financial Services Commission (Bailiwick of Guernsey) Law, 1987, as amended (the “Financial Services Commission Law”) The Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002 as amended (the “Insurance Managers and Intermediaries Law”) The Protection of Investors (Bailiwick of Guernsey) Law 1987 (the “Protection of Investors Law”) The Guernsey Financial Services...

The AIFMD Rules, 2013

2nd December 2013
​ Background During September 2013 the Commission released the second part of the two planned consultations to facilitate the requirements of the European Union’s Alternative Investment Fund Managers (“the Directive or "AIFMD”) into the local regulatory regime, so as to enable regulated entities flexibility in their product strategy with respect to fund management and marketing business within the...

Risk Warning Regarding Email Employment Offer

27th November 2013
​The Commission is aware that some individuals working at local financial services businesses have received email correspondence which invites them to apply for a position of employment. The activities of the entity making the offer may involve the laundering of criminal proceeds. The common characteristics of this approach are as follows: An email is sent allegedly from a company offering a...

Generali Worldwide Insurance Company Limited

20th November 2013
​The Financial Services Business (Bailiwick of Guernsey) Law, 1987, as amended (“the Financial Services Commission Law”) The Insurance Business (Bailiwick of Guernsey) Law, 2002, as amended (“the Insurance Law”) The Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulations, 2007, as amended (“the Regulations”) The Handbook for Financial Services...

Instruction (Number 20) for Financial Services Businesses and Instruction (Number 18) for Prescribed Businesses

15th November 2013
The Commission is today issuing Instruction (Number 20) for Financial Services Businesses and Instruction (Number 18) for Prescribed Businesses, copies of which can be accessed on the AML/CFT section of the Commission’s website. Business from Sensitive Sources Notices Instruction (Number 19) for Financial Services Businesses and Instruction (Number 17) for Prescribed Businesses are now repealed...

The Authorised Collective Investment Schemes (Class B) Rules, 2013 - Derogations

5th November 2013
​ The Commission has received enquiries regarding the application of derogations granted under The Collective Investment Schemes (Class B) Rules 1990 (“Class B Rules 1990”). The Commission proposes that the same approach be taken as that used in respect of derogations of The Licensees (Conduct of Business) Rules, 2009 and the Licensees (Capital Adequacy) Rules, 2010. Therefore, the Commission...

Channel Islands Stock Exchange (CISX)

15th October 2013
The Commission can confirm that the Channel Islands Stock Exchange (CISX) is the subject of an on-going investigation in respect of certain of the CISX's historic activities. There are no investigations in respect of current matters. Due to the confidential nature of its investigation the Commission is unable to provide any further public comment.

The Authorised Collective Investment Schemes (Class B) Rules, 2013 (“The Class B Rules”)

2nd October 2013
The Guernsey Financial Services Commission (“the Commission”), with the assistance of a Working Party of practitioners from the investment business sector, has been preparing new Class B Rules for open-ended collective investment schemes authorised as Class B funds under section 8 of the Protection of Investors (Bailiwick of Guernsey) Law, 1987 as amended (“the Law”). The Class B Rules are...

Risk Warning Regarding the Increased Use of Compromised E-mail Accounts to Commit Fraud

25th September 2013
The Commission is aware that during 2013 there has been an increase in the number of attempted, and in some cases successful, frauds on customer bank accounts held with local financial institutions. This has occurred via the use of compromised e-mail accounts or through the "piggy-backing" of e-mails. These fraudulent attempts are being made across a wide range of financial institutions with as...