News

Remote working business model

9th November 2020
Over the course of this year, licensees had to change their business working practices rather rapidly due to Covid-19 and for most licensees and their staff this involved moving to home working. Many licensees have since returned to office working although the Commission is aware that a number are continuing to operate some form of home working.The Commission is also aware that one or two...

Engagement on the draft amendments to Insurance Business (Bailiwick of Guernsey) Law, 2002 (the “Insurance Business Law”)

6th November 2020
IntroductionOn the 30th of 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 has previously indicated their support for the proposals which followed a public consultation process, together with the Law Officers of...

Handbook on Countering Financial Crime and Terrorist Financing

30th October 2020
The Commission has today updated Appendix I to the Handbook as a result of the outcomes of the FATF plenary held 21-23 October 2020 where it was announced that Iceland and Mongolia are no longer under increased monitoring by FATF. Iceland and Mongolia have strengthened the effectiveness of their AML/CFT regimes and addressed related technical deficiencies to meet the commitments in their...

GFIN, Cross-Border Testing

29th October 2020
The GFSC is Participating in the GFIN’s Cross-Border Testing.The GFSC is pleased to be participating in the GFIN’s Cross-Border Testing which launches today, 29th October 2020. The Global Financial Innovation Network (GFIN) – a group of over 60 international organisations committed to supporting financial innovation in the interests of consumers – is inviting applications from firms to test...

Sanctions Notice - Cyber-Crime

23rd October 2020
Please be advised that an asset freeze and travel ban have been imposed on two peopleand one entity under the EU’s cyber sanctions regime for their involvement in the cyber-attack on the German Parliament (Deutsche Bundestag) in April and May 2015.The two people who have been designated are Dmitry Sergeyevich Badin and Igor Olegovich Kostyukov.The EU regulation can be found here: Council...

Bank of England Interest Rates

21st October 2020
On 12th October 2020 The Bank of England (“BoE”) published a letter that it had sent to a selection of UK financial services firms. This letter requested feedback in relation to any possible operational implications that firms would encounter if the Bank of England’s Monetary Policy Committee (“MPC”) implemented a zero or negative policy rate. A copy of the letter is available here. Although the...

Sanctions Notice - Syria Sanctions

16th October 2020
Please be advised that the EU Council has imposed an asset freeze and travel ban against seven individuals under its Syria sanctions regime. Tala AL –BARAZI, Loubana MOUCHAWEH, Darem TABA'A, Ahmed SAYYED, Tammam RA'AD, Kinan YAGHI and Zuhair KHASIM have been designated under Council Implementing Regulation (EU) 2020/1505. The EU Regulation is implemented in the Bailiwick by the Syria (Restrictive...

Sanctions Notice - Chemical Weapons Sanctions

15th October 2020
Please be advised that the EU has listed 6 Russian officials and 1 entity under its chemical weapons sanctions regime. The 7 persons have been designated under Council Implementing Regulation (EU) 2020/1480 for their involvement in the assassination attempt on Alexei Navalny in August 2020.The EU Regulation is implemented in Guernsey by the Chemical Weapons (Restrictive Measures) (Guernsey)...

Sanctions Notice - Libya Sanctions

15th October 2020
Please be advised that the EU Council has imposed an asset freeze and travel ban against one individual under its Libya sanctions regime. Yevgeniy Prigozhin has been designated under Council Implementing Regulation (EU) 2020/1481. The EU Regulation is implemented in Guernsey by the Libya (Restrictive Measures) (Guernsey) Ordinance, 2016.MEASURES WHICH SHOULD BE TAKENAll businesses must check...

June Quarter 2020 Investment Statistics

14th October 2020
Second Quarter 2020 Guernsey Funds The total net asset value of Guernsey funds has decreased in Sterling terms during the last quarter by £6.4 billion (-2.7%) to £226.8 billion. Over the past year, total net asset values have decreased by £0.9 billon (-0.4%). Open-ended Schemes Within these totals, Guernsey domiciled open-ended funds increased over the quarter by £3.1 billion (6.8%) to £47.8...