News

Financial Crime Risk Return 2019 The Financial Crime Risk Return for the reporting period 1 July 2018 to 30 June 2019 (the “2019 Return”) is available for completion on the Online Submissions Portal for all firms required to complete the 2019 Return. The submission deadline is 31 October 2019. There are no changes to the fields within the 2019 Return, however, please note that page 13 of the...

United Nations Security Council Resolution 1518, as implemented in the Bailiwick by the Iraq (United Nations Sanctions) Channel Islands Order 2000, has been amended. The effect of the amendments, which are automatically effective in the Bailiwick, is to remove 13 entities from the list of persons and entities subject to financial restrictions under Resolution 1518. Further details about the...

On 12 June 2019 the International Association of Insurance Supervisors (IAIS) approved the Detailed Assessment of Observance of IAIS Insurance Core Principles by the Bailiwick of Guernsey. The IAIS is one of the principal international standard setting bodies, to which the Bailiwick has a long standing commitment. The report follows an assessment of Guernsey against the Insurance Core Principles...

The Financial Services Commission (Bailiwick of Guernsey) Law, 1987 (the “Financial Services Commission Law”); The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 (the “Fiduciaries Law”); The Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulations, 2007 (the “Regulations”); The...

In enforcement cases, the Commission can seek to impose prohibitions on individuals to prevent them from continuing to work in the industry. Often, such prohibitions have been time-limited, although the Commission could also issue lifetime prohibitions where the circumstances warranted such an approach. In a recent enforcement case, however, the sanctions imposed on the respondent by one of the...

The Commission has today, issued in final form, the revised Handbook on Countering Financial Crime and Terrorist Financing. This follows the approval of the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) (Amendment) Regulations, 2019 by the States of Guernsey on 12 June 2019. These amendments introduce an activation date of 31 March 2019 for the application of measures relating to...

First Quarter 2019 Investment Funds The net asset value of total funds under management and administration has decreased in Sterling terms during the quarter ended 31 March 2019 by £1.3 billion (0.5%) to £280.4 billion. For the year since 31 March 2018, total net asset values increased by £17.9 billion (6.8%). Open-ended Funds Within these totals, Guernsey domiciled open-ended funds remained...

The Commission has today published revised guidance on the regulatory requirements for Private Trust Companies (“PTCs”) and the expectations of licensed fiduciaries which administer PTCs. The key revision to the guidance is the replacement of the previous requirement for a representative of an administering Full Fiduciary Licensee to sit on the board of a PTC with a more outcomes-based approach...

The Commission has issued an FAQ to those considering investing in mini-bonds. It can be found here.