News

GUERNSEY INTERNATIONAL FINANCIAL SERVICES COMMISSION, INTERNATIONAL FINANCIAL SERVICES CERTIFIED PAYMENT LIABILITY COVERAGE, IFSP & LC CERTIFICATION DECLARATION FORM The Commission has become aware of a scam in which victims are asked to pay a fee in order to obtain "Certified Payment Liability Coverage" from the "International Financial Services Commission", to enable funds to be released. The...

​GUERNSEY INTERNATIONAL FINANCIAL SERVICES COMMISSION, INTERNATIONAL FINANCIAL SERVICES CERTIFIED PAYMENT LIABILITY COVERAGE, IFSP & LC CERTIFICATION DECLARATION FORM The Commission has become aware of a scam in which victims are asked to pay a fee in order to obtain “Certified Payment Liability Coverage” from the “International Financial Services Commission”, to enable funds to be released. The...

​The Commission has prepared draft Bailiwick anti-money laundering and counter terrorist financing legislation on wire transfers to ensure that BACs can continue to be used by firms in the Islands for transfers between the Islands and the UK. The draft Transfer of Funds (Guernsey/Alderney/Sark) Ordinance, 2007 is available here (PDF, 55 Kb). A draft of chapter 7 of the Commission’s proposed AML...

​A Working Party chaired by Advocate Peter Harwood was appointed in 2005 to consider investment sector legislation and regulation and to report to the Guernsey Financial Services Commission and to the Commerce and Employment Department of the States of Guernsey. In its report published in June 2006 the Working Party proposed the introduction of the concept of Registered Investment Funds, being...

Basel II: External Credit Assessment Institutions and Unsolicited Ratings The Guernsey, Isle of Man and Jersey Commissions have had concerns expressed to them regarding their decision not to recognise unsolicited ratings from approved rating agencies. After due consideration of representations made by one rating agency the Commissions have concluded they will permit banks to utilise unsolicited...

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”...

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

​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 Risk Operational Risk Market Risk For 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...