News

The Guernsey Financial Services Commission has issued today a consultation paper (“CP”) seeking views from interested parties as part of the implementation of the Revision of Laws Project. The CP relates to the proposed re-issuing of the Commission’s codes and guidance due to the revised supervisory laws arising from the Revision of Laws Project. The draft codes and guidance do not implement...

The Commission has today published the amended Finance Sector Code of Corporate Governance which asks Boards to consider the impact of climate change on their strategy and risk profile and, where they judge it appropriate, make climate change related disclosures. A copy of the new Code can be found here. This amendment was consulted on as part of the Commission’s Spring Green Consultation, issued...

Please be advised that Myanmar Gems Enterprise (MGE) has been designated under the Myanmar (Sanctions) Regulations 2021. These regulations are given effect within the Bailiwick under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020 (the 2020 regulations), as amended by the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit)...

Please be advised that two individuals and one entity have been designated under the Libya (Sanctions) (EU Exit) Regulations 2019; these are implemented in the Bailiwick by the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020. These sanctions are intended to ensure compliance with the relevant UN obligations under UNSCR 1970, and to: promote respect for...

The Commission has today published its 2020 annual report and financial statements. Talking about the report, the Commission’s Director General, William Mason noted that: “Last year, in common with the rest of the world, the Bailiwick had to deal with the effects of the global pandemic. During that period, the Commission faced a number of additional challenges as did our licensees. I was therefore...

The Commission has today announced that following consultation with industry, it has revoked the Non-Guernsey Scheme regime and the associated rules. 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. Commenting on the decision, the Commission’s Director General, William...

Please be advised that the UK has implemented a new sanctions regime, the Myanmar (Sanctions) Regulations 2021, for the purposes of: promoting the peace, stability and security of Myanmar; promoting respect for democracy, the rule of law and good governance in Myanmar; discouraging actions, policies or activities which repress the civilian population in Myanmar; and promoting compliance with...

Please be advised that the Bailiwick has implemented a new sanctions regime; the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) (Amendment - Global Anti-Corruption) Regulations, 2021 implement the Global Anti-Corruption Sanctions Regulations 2021 put in place by the UK to prevent and combat serious corruption. These regulations have replaced the Misappropriation...

The Commission has been notified of an unsolicited approach that was made to a Guernsey resident by representatives of the above-named company. The company, which claims to be based in New York, is said to provide trading services in respect of shares and other securities. The company representative offered to arrange to buy shares that were held by the Guernsey resident at a price far higher than...