News

Bank of England Interest Rates

21st October 2020
On 12th October 2020 The Bank of England (“BoE”) published a letter that it had sent to a selection of UK financial services firms. This letter requested feedback in relation to any possible operational implications that firms would encounter if the Bank of England’s Monetary Policy Committee (“MPC”) implemented a zero or negative policy rate. A copy of the letter is available here. Although the...

Sanctions Notice - Syria Sanctions

16th October 2020
Please be advised that the EU Council has imposed an asset freeze and travel ban against seven individuals under its Syria sanctions regime. Tala AL –BARAZI, Loubana MOUCHAWEH, Darem TABA'A, Ahmed SAYYED, Tammam RA'AD, Kinan YAGHI and Zuhair KHASIM have been designated under Council Implementing Regulation (EU) 2020/1505. The EU Regulation is implemented in the Bailiwick by the Syria (Restrictive...

Sanctions Notice - Chemical Weapons Sanctions

15th October 2020
Please be advised that the EU has listed 6 Russian officials and 1 entity under its chemical weapons sanctions regime. The 7 persons have been designated under Council Implementing Regulation (EU) 2020/1480 for their involvement in the assassination attempt on Alexei Navalny in August 2020. The EU Regulation is implemented in Guernsey by the Chemical Weapons (Restrictive Measures) (Guernsey)...

Sanctions Notice - Libya Sanctions

15th October 2020
Please be advised that the EU Council has imposed an asset freeze and travel ban against one individual under its Libya sanctions regime. Yevgeniy Prigozhin has been designated under Council Implementing Regulation (EU) 2020/1481. The EU Regulation is implemented in Guernsey by the Libya (Restrictive Measures) (Guernsey) Ordinance, 2016.MEASURES WHICH SHOULD BE TAKENAll businesses must check...

June Quarter 2020 Investment Statistics

14th October 2020
Second Quarter 2020 Guernsey Funds The total net asset value of Guernsey funds has decreased in Sterling terms during the last quarter by £6.4 billion (-2.7%) to £226.8 billion. Over the past year, total net asset values have decreased by £0.9 billon (-0.4%). Open-ended Schemes Within these totals, Guernsey domiciled open-ended funds increased over the quarter by £3.1 billion (6.8%) to £47.8...

Sanctions Notice - ISIL (Da'esh) and Al-Qaida

12th October 2020
Please be advised that the United Nations Security Council Committee has added one individual to the ISIL (Da'esh) and Al-Qaida Organisations financial sanctions regime. Jamal Hussein Hassan Zeiniye  has been added to the consolidated list and is subject to an asset freeze. Under section 13 of the Sanctions (Bailiwick of Guernsey) Law, 2018 (the Sanctions Law), this amendment is deemed to have...

Sanctions Notice - Russia-Ukraine

6th October 2020
Please be advised that two individuals and four entities have been added to the list of sanctioned entities under the EU’s Russia sanctions targeting “actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine”; these are implemented by Council Implementing Regulation (EU) 2020/1367 and are implemented within the Bailiwick by the Territorial Integrity etc...

Consultation Paper on Proposals for a Green Investment Discount for Life Insurer Capital Requirements

5th October 2020
The Guernsey Financial Services Commission has today issued a consultation paper seeking views from interested parties on proposed amendments to the Insurance Business (Solvency) Rules, 2015.The proposed amendments would introduce a “Green Discount”, which would reduce the capital requirements applicable to the green fixed income assets of life insurers. Additional measures would be put in place...

National Risk Assessment Workshops

5th October 2020
During the month of September the Commission ran ten interactive sector specific workshops to just under 400 attendees in Guernsey and Alderney, to assist firms in developing their mitigation of the money laundering and terrorist financing risks to their business as identified in the National Risk Assessment. The Commission representatives provided an overview of the inherent money laundering and...

2020 Financial Crime Risk Return Reminder

1st October 2020
The Commission wishes to remind all financial services businesses and prescribed businesses (with the exception of personal fiduciary licensees) that the Financial Crime Risk Return (“the Return”) is due for submission by 31 October 2020.The Return can be found through the Commission’s Online Submissions Portal, located here: https://submit.gfsc.gg/Further information on the background to the...