News

Currently when Guernsey insurers, including captives, accept reinsurance from EU domiciled insurers, the EU insurer is normally able to take account of the ceded reinsurance in determining its own solvency capital requirements. Under the EU Solvency II Directive, which will come into force in the third quarter of 2012, EU insurers will only be able to take full account of reinsurance ceded to...

I​t has been brought to the Commission's attention that the above-named entity is operating a website with an address of www.cl-investing.com. The web site indicates that CL INVESTING provides offshore multi–manger funds which are structured as Protected Cell Companies (PCCs) domiciled in Guernsey. The purpose of this notice is to warn potential investors that the company is not licensed...

Following the Guernsey Court of Appeal decision handed down on 19 May 2009, the Commission has revoked the licence held by Canivet Webber Financial Services Limited as an insurance intermediary with effect from 19 May 2009 in accordance with section 9 of The Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002 as amended.

The Commission has updated the Codes of Practice issued under section 35 of the Fiduciary Law. The changes, which come into force on 1 August 2009, can be summarised as follows: The names of the AML/CFT legislation and the AML Handbook have been updated. The names of the trust and company laws and related terminology have been updated. The description of the “four-eyes” requirement has been...

The Policy Council have signed the Criminal Justice (Proceeds of Crime) (Legal Professionals, Accountants and Estate Agents) (Bailiwick of Guernsey) (Amendment) Regulations, 2009. The main change to the 2008 regulations created by the amendment regulations is a requirement that senior management sign off is needed for all new high risk relationships and not only for new PEP relationships. The...

​The Policy Council have signed the Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) (Amendment) Regulations, 2009. The main change to the 2007 regulations created by the amendment regulations is a requirement that senior management sign off is needed for all new high risk relationships and not only for new PEP relationships. The amendment regulations...

NEW STATISTICAL INFORMATION FORMS FORM NST – COLLECTIVE INVESTMENT SCHEMES FORM AM – ASSET MANAGEMENT AND STOCKBROKING EXPLANATORY NOTE AND FEEDBACK ON CONSULTATION Earlier this year the Investment Business Division posted on the Commission website its proposals relating to statistical information forms for consultation. The consultation document made it clear that the Commission gathers these...

​Business from Sensitive Sources Notice 9 for financial services businesses and Notice 4 for prescribed businesses

​ Business from Sensitive Sources Notice 8 for financial services businesses and Notice 3 for prescribed businesses