News

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...

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...