News

In December of last year, the Commission published a Consultation Paper containing proposals to amend the PIF rules to allow more investor categories to take advantage of an appropriately regulated fund structure. All those responding to the Consultation Paper welcomed the proposals and in light this, the Commission has decided to amend the PIF rules with immediate effect. These are now available...

On 7 April 2021 the Royal Court of Guernsey handed down its judgment on an application brought by Mr Alan Chick to appeal decisions of the Commission out of time. The Royal Court, in dismissing the application for the appeal to be commenced out of time, found that there were no exceptional circumstances and that Mr Chick had not done all he could do to bring the appeal timeously. Prior to this...

The Financial Services Commission (Bailiwick of Guernsey) Law 1987; as amended (the Financial Services Commission Law”); and The Protection of Investors (Bailiwick of Guernsey) Law 1987 (“the Protection of Investors Law”) The Guernsey Financial Services Commission (the “Commission”) issues this notice pursuant to its powers under section 2(2)(e) of the Financial Services Commission Law and Section...

The Commission is aware that there has been a recent increase in phishing attempts targeting local businesses. Firms are reminded of the guidance available to them in the Commission’s Cyber Rules and Guidance, 2021 and in particular the need to ensure the Firm: has appropriate cyber security software in place; implements IT systems updates in a timely manner; and its staff exercise caution and...

On the 4th day of March 2021 the Commission imposed a discretionary financial penalty of £185,000 on Mr Ian Roger Parry. In addition, Mr Parry was prohibited from performing any function on behalf of a regulated entity. The exemption set out in section 3(1)(g) of the Regulation of Fiduciaries, Administration Business and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 (which would...

Please be advised that one entity been designated under the Global Human Rights Sanctions Regulations 2020 ; these are implemented in the Bailiwick by the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020. These sanctions were enacted for the purposes of deterring and providing accountability for serious violations of an individual’s human rights, and to...

On the 31st day of March 2021 the Commission imposed the following discretionary financial penalties: Mr Christopher Henry Shaw - £100,000 Mr John Adam Robilliard - £40,000 Mr Bruce David McNaught - £15,000 (collectively "the Individuals") In addition, Mr Shaw was prohibited from holding the position of shareholder, controller, director, partner, manager, money laundering reporting officer and...