News

On the 10th day of July 2020 the Commission has imposed discretionary financial penalties on the following parties:- £48,650 on Shane Younger; and £30,100 on Christopher Percival As a result of failures to meet the Minimum Criteria for Licensing in respect of Schedule 7 of The Insurance Business (Bailiwick of Guernsey) Law, 2002. More details to follow in due course.

First Quarter 2020 Guernsey Funds The total net asset value of Guernsey funds has increased in Sterling terms during the last quarter by £5.5 billion (2.4%) to £233.2 billion. Over the past year, total net asset values have increased by £16.4 billion (7.6%). Open-ended Schemes Within these totals, Guernsey domiciled open-ended funds decreased over the quarter by £1.6 billion (-3.5%) to £44.7...

The Guernsey Financial Services Commission has issued today a discussion paper making proposals aimed at ensuring that the Guernsey funds framework remains fit for purpose while helping to create opportunities for growth. Amongst other proposals to increase efficiency and clarity, the discussion paper proposes widening the formation options for Private Investment Funds. Commenting on the...

The Commission has today issued its report on the thematic review of source of funds / source of wealth in Guernsey’s private wealth management sector. The review was undertaken during the second half of 2019. A copy of the thematic review can be found by clicking here . Whilst the review focused on sectors identified in Bailiwick of Guernsey’s National Risk Assessment as being most exposed to the...

Please be advised that on 6 July, the United Kingdom made the Global Human Rights Sanctions Regulations 2020 , which comprise the first UK sanctions regime to operate under the UK's Sanctions and Anti-Money Laundering Act 2018 (Sanctions Act) . The Regulations impose asset freezes to deter those who are, or have been, involved in human rights’ violations. 47 individuals and 2 entities have been...

The COVID 19 pandemic resulted in many licensees being unable to operate in their usual office environments. Entering Phase 5, a return to normal activity in the Bailiwick, has seen many licensees return to their offices but we are conscious that adoption of home working has accelerated. Information security risks can increase with home working and therefore we are highlighting a non-exhaustive...

Further to the news release of 8 January 2020, referring to the introduction of exit interviews for individuals who held the position of MLRO and/or MLCO with a bank or fiduciary firm, the Commission has decided to extend the pilot initiative until the end of December 2020. The initiative has proved useful and has provided supervisory staff with a greater understanding of the MLRO/MLCO role(s)...

Over the last three months, various international supervisory bodies have reaffirmed the planned timelines for transition away from LIBOR to alternative reference rates, such as SONIA (Sterling Overnight Index Average) or SOFR (Secured Overnight Financing Rate). Firms should therefore continue to assume that they will be unable to rely on LIBOR being published beyond the end of 2021 and should...

Please be advised that the EU Council has imposed an asset freeze and travel ban against 11 Venezuelan officials determined to be responsible for serious violations of human rights and restrictions on fundamental freedoms, such as freedom of press and speech, under Council Implementing Regulation (EU) 2020/897 which implements Council Regulation (EU) 2017/2063. The EU Regulation is implemented in...