News

PRESS RELEASE On 11 October the Commission applied pursuant to section 67A of the Companies (Guernsey) Law, 1994, as amended, to the Royal Court for an order prohibiting Mr Joseph Coutts from being a director or other officer of any company and from participating in, or being in any way concerned in, directly or indirectly, the management, formation or promotion of any company . Mr Coutts was a...

A joint statement was issued today by HM Treasury, the Bank of England and the Financial Services Authority announcing that a liquidity facility will be available to help Northern Rock plc to fund its operations during the current period of turbulence in financial markets while Northern Rock works to secure an orderly resolution to its current liquidity problems. The Financial Services Authority...

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, 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...