News

Please find attached two papers on Basel II-related issues. The first is on “External Credit Assessment Institutions’ Ratings and Mapping of Ratings to Risk-Weights” which is available here, and has been prepared and issued jointly with the Isle of Man Financial Supervision Commission and the Jersey Financial Services Commission. The second is the Commission’s “Basel II Implementation Bulletin”...

​CAMBRIDGE INTERNATIONAL SYMPOSIUM ON ECONOMIC CRIME - 2006 Peter Neville Director General, Guernsey Financial Services Commission Improving the Arrangements and Procedures for Handling Suspicions that a Transaction or Account Involves Issues Related to Criminal or Terrorist Activity In my address to this Symposium last year I said that it was time for us – as regulators and law enforcers – to...

Funds under management and administration grew by £3.4 billion (3%) over the quarter ended 30 June 2006 to reach a total of £114.8 billion. For the year since 30 June 2005, values increased by £30.7 billion, an increase of 36.5%. SpellWithin these totals, Guernsey domiciled open-ended funds grew by £479 million (0.9%) over the quarter and by £12.4 billion (30%) over the year since 30 June 2005 to...

​The Guernsey Financial Services Commission has announced that Diane Colton FCII will be the next Director of Insurance, taking over from Alan Fleming when he retires on 31 December this year. Diane joined the Commission in 1995 and was promoted to the position of Deputy Director of Insurance in 2001. Diane has extensive experience of all aspects of regulation in the insurance market and through...

Date of prohibition order, law under which made and prohibited functions:The Protection of Investors (Bailiwick of Guernsey) Law, 1987from 30 August 2006: any function in relation to controlled investment business.The Banking Supervision (Bailiwick of Guernsey) Law, 1994from 30 August 2006: any function in relation to a deposit taking business.The Regulation of Fiduciaries, Administration...

Basel II: National Discretions for the Standardised Approaches to Credit and Operational Risk In May and June 2006 the Commission consulted with banks on proposed National Discretions to be adopted by the Guernsey, Isle of Man and Jersey Commissions in connection with the Standardised Approaches to Credit and Operational Risk under the Basel II Capital Framework. Comments from banks in response to...

The report of a Committee chaired by Advocate Peter Harwood, tasked with ensuring the continuing health of the investment sector, is published today. It recommends some fundamental changes to regulatory laws. The key recommendation is to create a "registered" fund sector, alongside the existing "regulated" sector. Unlike regulated funds, registered funds would not need prior approval from GFSC...

​Since 2009, the Commission has followed the revised guidelines set down by the Basel Committee of Banking Supervisors for the purposes of setting regulatory capital (e.g. ‘Basel II’). Details of pillar one capital requirements have been jointly agreed with the regulatory authorities in Jersey and the Isle of Man and are set out here:- Credit RiskOperational RiskMarket RiskFor pillar two, the...

​Funds under management and administration grew by £11.3 billion (11.3%) over the quarter ended 31 March 2006 to reach a total of £111.4 billion. Over the year as a whole, values increased by £35.8 billion, an increase of 47.4%. Within these totals, Guernsey domiciled open-ended funds grew by £5.3 billion (10.9%) over the quarter and by £17.2 billion (47.5%) over the year as a whole to reach a new...

It has been announced that Canada Life has reached an agreement with Equitable Life to acquire most of its non-profit annuity book of business. The Commission has received no communication from Equitable Life concerning its arrangements with Canada Life although we were advised in very broad terms of the nature of the announcement by the FSA as part of our regular communication with them. The...