News

The Guernsey Financial Services Commission fully sympathises with the concerns of depositors in Landsbanki Guernsey Limited (in administration) and their very considerable distress and suffering. We continue to work long and hard with a view to achieving the best possible outcome for depositors. Important developments took place yesterday evening in connection with Landsbanki Guernsey. The Court...

​Copies of statements, and questions and answers, on Landsbanki Guernsey Limited in Administration issued by the bank's administrators and by the Guernsey political authorities are available below: Press release 10 October 2008 by the States of Guernsey Policy Council - Chief Minister Statement on Landsbanki Press release 15 October 2008 by the States of Guernsey Policy Council - Policy Council...

The Commission has issued Business from Sensitive Sources Notice (Number 1) for Prescribed Businesses which is available here. Prescribed businesses must exercise a greater degree of caution when taking on business from the countries or territories specified in the Notice.

​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.