News

Stephen Bougourd

8th December 2020
The Financial Services Commission (Bailiwick of Guernsey) Law, 1987 (the “Financial Services Commission Law”); The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 (the “Fiduciaries Law”); The Protection of Investors (Bailiwick of Guernsey) Law, 1987 (the “POI Law”); The Insurance Managers and Insurance Intermediaries (Bailiwick of...

Commission clarifies boundaries of Custodians’ duties

7th December 2020
In its efforts to provide greater regulatory clarity for industry, the Commission has today published new guidance aimed at providing additional clarification about Designated Custodians’ duties. This guidance sets out the standards of conduct that are expected of Designated Custodians when they act for Open-Ended Collective Investment Schemes and where the assets are held indirectly, for example...

September Quarter 2020 Investment Statistics

2nd December 2020
Third Quarter 2020 Guernsey Funds The total net asset value of Guernsey funds has increased in Sterling terms during the last quarter by £9.3 billion (4.1%) to £236.1 billion. Over the past year, total net asset values have increased by £7.7 billon (3.4%). Open-ended Schemes Within these totals, Guernsey domiciled open-ended funds increased over the quarter by £0.2 billion (0.4%) to £48.0 billion...

Public Notice: Mr. David Dawson Cosgrove

1st December 2020
This Notice has been published by the Guernsey Financial Services Commission (the "Commission") with the agreement of Mr. David Dawson Cosgrove. In 2014, the Commission commenced an investigation into Lancelot Management Limited ("Lancelot") and certain entities of which Lancelot had been the Principal Manager or was otherwise connected to, including The Global Mutual Fund PCC Limited ("Global")...

Commission appoints new President of Panel of Senior Decision Makers

1st December 2020
The Commission has announced the appointment of Ms Leigh-Ann Mulcahy QC to succeed Mr Michael Blair QC as President of its Panel of Senior Decision Makers. Mr Blair QC is retiring from that position at the end of this year – a position he has held since its inception in 2014. The Commission would like to place on record its appreciation for the manner in which Mr Blair QC has undertaken the role...

Pensions Transfers

1st December 2020
The Commission became the regulator of pensions in Guernsey at the request of the States of Guernsey in June 2017. Since that time it has gathered and analysed information from pension providers as part of its regulatory oversight function. This work helped inform the Commission’s initial review of pension regulations which it conducted between 1 December 2017 and 28 February 2018. Following this...

Changes to how the Commission distributes Annual Fee Invoices to Licensees and Registrants

30th November 2020
Licensees and registrants are advised that the Commission is changing the way it distributes its annual license fee invoices, commencing with the 2021 annual fees which are due to be sent out next month. Generic email addresses for all regulated and registered entities have been prepared which will be used to send out the annual fee invoices for 2021. If you wish to check which email address the...

Commission signs MOU with the Board of Guernsey’s Banking Deposit Compensation Scheme

27th November 2020
The Commission has today announced that it has signed a new Memorandum of Understanding (“the MOU”) with the Board of the Guernsey Banking Deposit Compensation Scheme (GBDCS). The MOU provides a formal basis for co-operation, including for the exchange of information and provides a framework for the working relationship between the Commission and the Board which are both independent bodies. In...

Gratuity Schemes

17th November 2020
The States of Guernsey Annual Budget was published on Monday 16 November 2020 and can be found here. Within the Annual Budget it is proposed to make a change in respect of Gratuity Schemes and their treatment under section 40(nn) of the Income Tax (Guernsey) Law, 1975. The proposal would make a technical change to the exemption under section 40(nn) of the Income Tax (Guernsey) Law, 1975 to include...