News

Handbook on Countering Financial Crime and Terrorist Financing

23rd December 2020
The Commission is undertaking a short consultation on changes proposed to rules and guidance in Chapters 3 and 7 of the Handbook on Countering Financial Crime and Terrorist Financing (“the Handbook”) (version issued 30 October 2020) on the risk-based approach and on legal persons and legal arrangements. The following is a summary of the proposed changes to the Handbook: - When establishing a trust...

Commission becomes world’s first regulator to introduce a green insurance capital regime

15th December 2020
In October of this year, the Commission issued a consultation paper proposing amendments to the Insurance Business (Solvency) Rules 2015 which would see the introduction of a specific approach for green assets into the Solvency Rules and help to incentivise increased investment in green assets by life insurers. The background to this move follows global political and public debate around...

Private Investment Fund – Form PIF (December 2020)

14th December 2020
The Commission has today issued a revised application form for the Private Investment Fund – Form PIF (December 2020). Please ensure that this form is used for all future applications and that all applicable requirements are adhered to. The Form PIF (December 2020) can be found here. Emma Bailey Director Authorisations and Innovation

Distribution of 2021 annual fees to Licensees and Registrants

14th December 2020
The Commission has now sent its 2021 annual fees to all licensees and registrants by email. If you have not receive d an invoice by email you should contact [email protected] quoting the entity name and the GFSC reference number, which can be found on our website ( Regulated Entities and Registered Entities). You may also contact this email address to confirm the validity of an emailed invoice...

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...

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...