News

On 1 November 2021, The Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 (the new Enforcement Law) came into effect. Accordingly, the Commission has revised and updated certain key documents relating to the enforcement process: A new Explanatory Note regarding “ the Investigation and Decision-Making Process in Relation to the use of Enforcement Powers”, which...

Following feedback to the Commission’s Consultation Paper on Ancillary Vehicles, the Commission has conducted further data collection and analysis. This process is ongoing and the policy proposals remain under consideration. It should be noted, therefore, that upon commencement of the new and amended regulatory laws on 1 November 2021, the notification regime for Ancillary Vehicles and the...

Following on from last year, the Commission will be distributing 2022 annual fee invoices using the generic email address that we hold on record for each licensee and registrant. If you wish to check which email address the Commission holds for your firm, please contact '[email protected]', quoting the entity name and GFSC reference number, which can be found on our website ( Regulated Entities...

Please be advised that Osama Al Kuni Ibrahim has been designated under the Libya (Sanctions) (EU Exit) Regulations 2020 (the UK regulations). The UK regulations are given effect within the Bailiwick under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020. Osama Al Kuni Ibrahim is subject to an asset freeze and will appear on the consolidated list...

The Commission has launched a survey on consumer credit and home finance for businesses involved in the sector. This follows the approval earlier in the year by the States of Guernsey for proposals from the Committee for Economic Development and Policy & Resources Committee for a new law that will require businesses which provide credit, lending or finance, or act as finance brokers to be licensed...

With respect to retail investors as Sir Jon (Deputy Governor of the Bank of England) highlighted in his speech of 13th October 2021, crypto technologies continue to evolve with some practical rather than speculative uses being found for some types of crypto technology. Sir Jon also noted the opaque nature of some of the new DeFi – Decentralised Finance and the risks embedded in such systems. Fund...

On 23 September 2021, the Director General, William Mason, delivered a speech to the Chartered Governance Institute’s ‘Governance Guernsey’ event. A copy of the speech can be found here.

Second Quarter 2021 Guernsey Funds The total net asset value of Guernsey funds has increased in Sterling terms during the last quarter by £9.0 billion (3.4%) to £272.6 billion. Over the past year, total net asset values have increased by £45.8 billon (20.2%). Open-ended Schemes Within these totals, Guernsey domiciled open-ended funds increased over the quarter by £2.0 billion (4.2%) to £50.0...

The Commission is publishing today the finalised draft revised rules, codes and guidance that accompany the introduction of the revised principal laws dealing with the regulation of financial services business in the Bailiwick as part of the Commission’s Revision of Laws project. The new rules, codes and guidance will come into effect on Monday 1 November 2021, on the same day as the new and...