News

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...

Sanctions Notice - Global Human Rights

30th September 2020
Please be advised that eight Belarusian officials, including the President of Belarus, 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 have been...

Consultation Paper on Cyber Security Rules and Guidance

21st September 2020
The Guernsey Financial Services Commission has issued today a Consultation Paper seeking views from interested parties on proposed Cyber Security Rules and an accompanying Guidance Note for all licenced entities under the various supervisory laws.A copy of the Consultation Paper, Draft Rules and the Draft Guidance can be found here: https://www.gfsc.gg/commission/legislation-and...

Panel of Senior Decision Makers

18th September 2020
The Commission is pleased to announce a further appointment to the Panel of Senior Decision Makers (SDMs) which the Commission has established for the purpose of considering and determining those enforcement cases which are not settled between the parties and the Commission.The new appointee as an SDM is Mr Russell Finch OBE who, until recently, was the first Judge of the Royal Court in Guernsey...

Consultation Paper on Guidance for Custodians of Open-ended Collective Investment Schemes with Indirectly Held Assets

9th September 2020
The Guernsey Financial Services Commission has issued today a Consultation Paper seeking views from interested parties on a proposed Guidance Note for Custodians of open-ended collective investment schemes made under the Protection of Investors (Bailiwick of Guernsey) Law, 1987 (the “PoI Law”).A copy of the Consultation Paper and the Draft Guidance can be found here: https://www.gfsc.gg/commission...

National Risk Assessment Workshops

27th August 2020
At the joint presentations on the National Risk Assessment (“NRA”) from the Commission, Policy and Resources Committee and Financial Intelligence Service in February, it was highlighted that the Commission would be running a series of interactive workshops to assist firms in developing their mitigation of the money laundering and terrorist financing risks to their business as identified in the NRA...

Mrs Deborah Anne Ellis

25th August 2020
On the 20th day of August 2020 the Commission imposed a discretionary financial penalty of £14,000 on Deborah Anne Ellis and prohibited her from holding the position of director, controller, partner or manager for a period of 1 year and 5 months. The exemption set out in section 3(1)(g) of the Fiduciaries Law (which would otherwise permit Mrs Ellis to act as a director of not more than six...