News

Senior Commission staff appointed to key positions within the International Association of Insurance Supervisors (IAIS)

14th December 2020
The International Association of Insurance Supervisors (IAIS) recently held its held biennial Executive Committee elections which saw the Commission’s Director General, William Mason, re-elected as a member. In addition to Mr Mason’s election, the Commission’s Director of Risk and Operations, Katherine Jane, has been appointed as the next Chair of the IAIS’ Standards Assessment Working Group (SAWG...

Sanctions Notice - Global Human Rights

11th December 2020
Please be advised that 11 individuals and one entity have been added to the list of sanctioned entities under the United Kingdom’s Global Human Rights Sanctions Regulations 2020; these are implemented within the Bailiwick by the Global Human Rights Sanctions (Bailiwick of Guernsey) Regulations, 2020. [link updated 20/04/2021] The following individuals and entity have been added to the consolidated...

Mr Richard John Bach (Date of Birth 24 October 1954) of L'Ecurie, Rue des Jehans, Torteval, Guernsey, GY8 0RE

11th December 2020
Date of prohibition order, law under which made and prohibited functions: The Regulation of Fiduciaries, Administration Business and Company Directors, etc (Bailiwick of Guernsey) Law, 2000, as amended; from 11 December 2020 until 11 December 2026: the functions of director, controller, partner, manager, money laundering reporting officer, money laundering compliance officer or compliance officer...

Miss Tracey Jane Ozanne (Date of Birth 22 June 1967) of 15 Oldwood Court, New Paris Road, St Peter Port, Guernsey, GY1 2BR

11th December 2020
Date of prohibition order, law under which made and prohibited functions: The Regulation of Fiduciaries, Administration Business and Company Directors, etc (Bailiwick of Guernsey) Law, 2000, as amended; from 11 December 2020 until 11 December 2025: the functions of money laundering reporting officer, money laundering compliance officer or compliance officer in relation to a regulated activity...

Safehaven International Limited, Mr Richard John Bach, Miss Tracey Jane Ozanne, Mr David Charles Housley Whitworth, Mr Michael John Good and Mr Stephen John Dickinson

11th December 2020
On the 11th day of December 2020 the Commission imposed the following discretionary financial penalties: Safehaven International Limited (the “Firm”) - £100,000 Mr Richard John Bach - £50,000 Miss Tracey Jane Ozanne - £5,000 Mr David Charles Housley Whitworth - £10,000 Mr Michael John Good - £10,000 Mr Stephen John Dickinson - £1,000 (collectively the “Individuals”) Mr Richard John Bach was also...

Commission consults on increasing Private Investment Fund (PIF) options

9th December 2020
The Commission has today published a Consultation Paper containing proposals which, if implemented, would allow different investor categories to take advantage of an appropriately regulated fund structure. Whilst the proposals would see the current approach to registering a PIF continue, other paths would be introduced to complement this. One of the new paths being proposed would enable a PIF to...

Commission proposes deregulation of non-Guernsey Fund Scheme Rules

8th December 2020
The Commission has today published a Consultation Paper seeking feedback on proposals for changes to the Non-Guernsey Scheme regime. If the proposal is implemented it will see the current rules revoked. A Non-Guernsey Scheme is a collective investment scheme that is not established or incorporated in the Bailiwick of Guernsey and is not authorised or registered by the Commission. The Law permits...

Stephen Bougourd (date of birth 11 April 1965) of Flat 3, Hillside, Point Rocques, St Sampson Guernsey GY2 4HL

8th December 2020
Date of prohibition order, law under which made and prohibited functions: The Regulation of Fiduciaries, Administration Business and Company Directors, etc (Bailiwick of Guernsey) Law, 2000, as amended; from 7 December 2020 until 4 December 2021: the functions of director, controller, partner and manager in relation to a regulated activity carried on by or for a licensed fiduciary. The Protection...

Stephen Bougourd

8th December 2020
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 Intermediaries (Bailiwick of...

Commission clarifies boundaries of Custodians’ duties

7th December 2020
In its efforts to provide greater regulatory clarity for industry, the Commission has today published new guidance aimed at providing additional clarification about Designated Custodians’ duties. This guidance sets out the standards of conduct that are expected of Designated Custodians when they act for Open-Ended Collective Investment Schemes and where the assets are held indirectly, for example...