News

​Last night the Directors of Landsbanki Guernsey Limited made an application to the Royal Court for the Court to appoint an administrator under Guernsey’s company law. The Court has appointed Mr Rick Garrard of Deloitte and Touche LLP with a view to achieving the survival of the bank, and the whole or any part of its undertaking, as a going concern. The administration is on a temporary basis until...

​In recent years, the Commission has introduced “fast track” application processes for Qualifying Investor Funds and Registered Closed-ended Investment Funds. Associated management entities requiring licences needed, however, to go through the Commission’s full assessment process. Earlier this year the Guernsey Financial Services Commission announced that it was consulting on proposals to...

The first item is a draft Ordinance, the Protection of Investors (Administration and Intervention) (Bailiwick of Guernsey) Ordinance, 2008. The second and third items are the Protection of Investors (Market Abuse) (Bailiwick of Guernsey) Regulations, 2008 and the Insider Dealing (Securities and Regulated Markets) (Amendment) Order, 2008.

On 8 September the Policy Council signed the Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) (Amendment) Regulations, 2008. The main changes to the December 2007 regulations for financial services businesses created by the amendment regulations include: 1. The introduction of a requirement for regulated financial services businesses to register with the...

PRESS RELEASE​ The Commission welcomes the fact that the report of the Parliamentary and Health Services Ombudsman (“the Report”) was presented to the UK Parliament on 16 July 2008. The Report is the largest of its kind ever produced by the Ombudsman and presents an extremely detailed assessment of certain complaints made concerning the prudential supervision of Equitable Life. The Commission will...

​ In light of recent developments, the Commission has issued a sixth Business from Sensitive Sources Notice which is available here. This sixth Business from Sensitive Sources Notice supersedes Business from Sensitive Sources Notice - Number 5. The Commission would be pleased to provide further advice if you have any queries arising from this Notice.

​Further to Michael Graham’s letter dated 3 March 2008, please find attached the following draft Regulations and Codes: The Insurance Business (Approved Assets) Regulations, 2008- DRAFT The Insurance Business (Asset and Liability Valuation) Regulations, 2008- DRAFT The Insurance Business (Annual Return) Regulations, 2008- DRAFT The Insurance Business (Duties of General Representative) Regulations...

​Further to Michael Graham’s letter dated 3 March 2008, please find attached the following draft Rules, Regulations and Codes: The Insurance Managers and Insurance Intermediaries (Approved Assets) Regulations, 2008 The Insurance Managers and Insurance Intermediaries (Client Monies) Regulations, 2008 The Insurance Managers and Insurance Intermediaries (Annual Return) Regulations, 2008 The Insurance...

In the spring of last year the Commission consulted on, amongst other matters: (i) amendments to the minimum criteria for licensing in the Banking Supervision (Bailiwick of Guernsey) Law, 1994; the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000; the Insurance Business (Bailiwick of Guernsey) Law, 2002; and the Insurance Managers...