News

Fourth Quarter 2019 Investment Funds   The net asset value of total funds under management and administration has decreased in Sterling terms during the last quarter by £17.7 billion (-6.2%) to £268.3 billion.  Over the past year, total net asset values decreased by £13.3 billion (-4.7%).  Open-ended Schemes   Within these totals, Guernsey domiciled open-ended funds decreased over the…

Please be advised that the United Nations Security Council has removed two entries from the list of individuals and entities subject to restrictive measures, including targeted financial sanctions, under United Nations Security Council Resolution 1267.   Further details are available here: https://www.un.org/press/en/2020/sc14113.doc.htm Under section 13 of the Sanctions (Bailiwick of Guernsey)…

The Commission signed two separate Memorandums of Understanding ("MoUs") with overseas regulators during February 2020, which provide frameworks for enhanced cooperation between supervisory authorities. This is part of the Commission’s ongoing commitment to expand and strengthen its network of supervisory and regulatory cooperation agreements. Croatia The MoU with the Croatian Financial…

Council Regulation (EC) No 314/2004 has been amended by Commission Implementing Regulation (EU) 2020/219. The EC Regulation is  implemented in the Bailiwick by the Zimbabwe (Freezing of Funds and Economic Resources) (Guernsey) Ordinance, 2004; the Zimbabwe (Freezing of Funds and Economic Resources) (Alderney) Ordinance, 2004; the Zimbabwe (Freezing of Funds and Economic Resources) (Sark)…

The Commission is today issuing final rules and guidance under the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 (the "Fiduciaries Law") which will ensure that the Bailiwick’s regulatory regime continues to be compliant with international standards and appropriate for the Guernsey market. The new Fiduciary Rules and Guidance…

Council Regulation (EC) No 36/2012, as implemented by the Syria (Restrictive Measures) (Guernsey) Ordinance, 2012, the Syria (Restrictive Measures) (Alderney) Ordinance, 2012 and the Syria (Restrictive Measures) (Sark) Ordinance, 2012, has been amended by Council Implementing Regulation (EU) No 2020/211. The effect of the amendments, which are automatically effective in the Bailiwick, is to add…

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…

On 10 & 11 February 2020 representatives of the Policy & Resources Committee, the Guernsey Financial Services Commission (“the Commission”) and the Financial Intelligence Service gave presentations on the Bailiwick’s National Risk Assessment of Money Laundering and Terrorist Financing risks ("the NRA").  The Commission’s presentation covered the main money laundering and…