News

United Nations Security Council Resolution 1518, as implemented in the Bailiwick by the Iraq (United Nations Sanctions) Channel Islands Order 2000, has been amended.  The effect of the amendments, which are automatically effective in the Bailiwick, is to remove two entities from the list of persons and entities subject to financial restrictions under Resolution 1518.   Further details about the…

Introduction On 30 October 2015, the States of Deliberation approved the Policy Letter submitted by the Policy Council on the Revision of the Financial Supervisory and Regulatory Laws.  Representatives of the States of Alderney and the Chief Pleas of Sark had previously indicated their support for the proposals which followed a public consultation process. The Law Officers of the Crown together…

The Commission has today issued a Guidance Note for Licensed Insurers on Outsourcing. The aim of the guidance is to clarify the expectations of the Commission with respect to the outsourcing of material activities by licensees under the Insurance Business (Bailiwick of Guernsey) Law, 2002.

Following the closing of the consultation on potential amendments to The Insurance Managers and Insurance Intermediaries (Approved Assets) Regulations, 2002 and analysis of responses, the Commission is today issuing a feedback paper and amending regulations. The amending regulations, referred to as The Insurance Managers and Insurance Intermediaries (Approved Assets) (Amendment) Regulations…

The Guernsey Green Fund Rules The Commission is pleased to announce the publication of the Guernsey Green Fund Rules following the closing of the consultation on 1 June 2018. The Rules create a new description of a scheme known as a Guernsey Green Fund that has the objective of seeking a return for investors whilst mitigating environmental damage. The rationale for developing the Green Fund Rules…

The Investment Supervision and Policy Division has concluded its consultation and has now issued the Prospectus Rules 2018 (here) and the Registered Collective Investment Scheme Rules 2018. (here)  Both Rules will be effective from 6  October 2018.  Implementation may be achieved through the earlier of: a fund initiating an annual review at an appropriate time to identify the changes required…

Council Regulation (EU) No 2017/2063, as implemented in the Bailiwick by the Venezuela (Restrictive Measures) (Guernsey) Ordinance, 2017, has been amended by Council Implementing Regulation (EU) No 2018/899. The effect of the amendments, which are automatically and immediately effective in Guernsey, is to add eleven persons to the list of persons subject to an asset freeze and other financial…

Council Regulation (EU) No 2013/401, as implemented in the Bailiwick by the Myanmar/Burma (Restrictive Measures) (Guernsey) Ordinance, 2013, the Myanmar/Burma (Restrictive Measures) (Alderney) Ordinance, 2013, and the Myanmar/Burma (Restrictive Measures) (Sark) Ordinance, 2017, has been amended by Council Implementing Regulation 2018/898. The effect of the amendments, which are automatically and…

This Notice is issued further to the previous Sanctions Notice issued in relation to the addition of two entries on the list of individuals and entities associated with ISIL (Da’esh) and Al-Qaida maintained under United Nations Security Council Resolution 1267. Please be advised that corresponding changes have now been made to the list maintained by the European Union under Council Regulation…