News

During 2017, the Fiduciary Supervision Policy and Innovations Division undertook a thematic review of pension arrangements in the Bailiwick .

The list of persons subject to restrictive measures under Council Regulation 2580/2001 (the EU Regulation) has been amended by Council Implementing Regulation (EU) No 2017/2064. The effect of the amendment is to remove one entity from the list The Implementing Regulation is available here: Council Implementing Regulation 2017/2064 Persons who are listed for the purposes of the EU Regulation are...

Council Regulation (EU) No 2017/1509, as implemented in the Bailiwick by the North Korea (Restrictive Measures) (Guernsey) Ordinance, 2017, the North Korea (Restrictive Measures) (Alderney) Ordinance, 2017, and the North Korea (Restrictive Measures) (Sark) Ordinance, 2017, has been amended by Council Regulation (EU) No 2017/2062. The amending Regulation is available here: Council Regulation (EU)...

During late 2016 a thematic review of fund managers and fund administrators' governance, risk and compliance frameworks was jointly undertaken by the Investment Supervision and Policy Division and the Financial Crime Supervision and Policy Division of the Commission. The Investment Supervision and Policy Division report which focussed on the mitigation of governance and compliance risk in relation...

In January 2016, the States of Deliberation (the States) agreed to increase the maximum level of financial penalties available to the Commission which can be applied in cases where there have been serious breaches of the regulatory laws. Subsequently, in March 2016, the States approved the necessary legislation (Projet de Loi) to give effect to the proposals. The Commission has been informed that...

Council Regulation (EU) No 747/2014, as implemented in the Bailiwick by the Sudan (Restrictive Measures) (Guernsey) Ordinance, 2014, the Sudan (Restrictive Measures) (Alderney) Ordinance, 2014 and the Sudan (Restrictive Measures) (Sark) Ordinance, 2014, has been amended by Council Implementing Regulation (EU) 2017/1942. The Implementing Regulation is available here: Council Implementing Regulation...

Mali (Restrictive Measures) (Guernsey) Ordinance, 2017 The Mali (Restrictive Measures) (Guernsey) Ordinance, 2017 has been made to give effect to Council Regulation (EU) 2017/1770 concerning restrictive measures in relation to Mali. The effect of the Regulation is to freeze the funds and economic resources of listed persons responsible for or complicit in actions or policies that threaten the...

The Commission has confirmed that it will apply an increase of 3% across all sectors for 2018, not including anomalies. Anomalies include a flat fee of £2,000 for change of controller applications which will be introduced under the Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law 2002, and the Protection of Investors (Bailiwick of Guernsey) Law, 1987. A similar fee will...

The Guernsey Financial Services Commission consulted on proposals to introduce changes to the FRR rules for full fiduciary licensees (“FFLs”). The consultation, which closed on 19 June 2017, generated a number of substantive responses, for which the Commission is grateful. The Commission is giving careful consideration to the views and opinions expressed by respondents and further discussions will...