News

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...

​Since 2009, the Commission has followed the revised guidelines set down by the Basel Committee of Banking Supervisors for the purposes of setting regulatory capital (e.g. ‘Basel II’). Details of pillar one capital requirements have been jointly agreed with the regulatory authorities in Jersey and the Isle of Man and are set out here:- Credit Risk Operational Risk Market RiskFor pillar two, the...

​Funds under management and administration grew by £11.3 billion (11.3%) over the quarter ended 31 March 2006 to reach a total of £111.4 billion. Over the year as a whole, values increased by £35.8 billion, an increase of 47.4%. Within these totals, Guernsey domiciled open-ended funds grew by £5.3 billion (10.9%) over the quarter and by £17.2 billion (47.5%) over the year as a whole to reach a new...

It has been announced that Canada Life has reached an agreement with Equitable Life to acquire most of its non-profit annuity book of business. The Commission has received no communication from Equitable Life concerning its arrangements with Canada Life although we were advised in very broad terms of the nature of the announcement by the FSA as part of our regular communication with them. The...

Fiduciary licences are currently valid for one year from 1 July and the licence renewal fees are due one month prior to the start of the licensing year. This means that the fees for the renewal of full and personal fiduciary licences are due by 31 May each year. In order to move to calendar year fee invoicing full and personal fiduciary licensees will receive in May invoices for the remaining six...

​It has come to the Commission' s attention that this company may have been issuing travel insurance policies. This company is in Compulsory Liquidation and information relevant to policyholders, brokers/master policyholders and selling agents is available by clicking here.

​The Guernsey Financial Services Commission has today issued a revised guidance note on Qualifying Investor Funds. The definition of Professional Investor has been widened to include an individual investor who invests a minimum of US$100,000 in the fund. The revised guidance note also re-emphasises the due diligence obligations which Guernsey Licensees undertake when submitting applications for...