News

The GFSC was one of the 12 founding members of the Global Financial Innovation Network (“GFIN”) and a contributor to a consultation paper circulated in August 2018, which set out the initiative. As financial innovation is one of the main purposes for involvement, the GFSC is hosting a round table discussion on the topic, “the GFIN SoundBox Dash” which will take place on 18 January 2019 between 12...

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 one entity from the list of persons and entities subject to financial restrictions under Resolution 1518. Further details about the...

The Commission has become aware that on the 20 December 2018, Qudos Insurance A/S ("Qudos") of Købmagergade 22, 1st floor, DK-1150 Copenhagen K, Denmark was declared bankrupt by the Maritme and Commerical Court in Copenhagen. Qudos is an insurance firm authorised and regulated by the Danish Financial Services Authority, and was classed as a recognised insurer by the Commission. Recognised insurer...

Council Regulation (EU) No 2013/401, as implemented in the Bailiwick by the Myanmar/Burma (Restrictive Measures) (Guernsey) Ordinance, 2013, the Myanmar/Burma (Restrictive Measures) (Alderney) Ordinance, 2013, and the Myanmar/Burma (Restrictive Measures) (Sark) Ordinance, 2017, has been amended by Council Implementing Regulation 2018/2053. The effect of the amendments, which are automatically and...

The Commission invites interested parties to a lunchtime drop-in with Jacob Cherry, the Senior Regulatory Adviser in Hong Kong, which will take place on 9 January 2019 between 12.30pm and 2.00pm at the Commission’s Offices. To register your interest, please follow the link on this invitation.

Council Regulation (EU) No 2016/44, as implemented by the Libya (Restrictive Measures) (Guernsey) Ordinance, 2016, the Libya (Restrictive Measures) (Alderney) Ordinance, 2016 and the Libya (Restrictive Measures) (Sark) Ordinance, 2016, has been amended by Council Regulation (EU) No 2018/2004. The Implementing Regulation is available here: Council Implementing Regulation (EU) 2018/2004 The effect...

REVISED FORMS 142, 143, 145 & GUIDANCE The Commission has revised the information requested in the annual licensee return 142. Investment Audited Financial Statements and Compliance Returns (Licensee). Specific revisions are also reflected in 143. Investment Audited Financial Statements (Funds) and 145. Investment Quarterly Return. These revisions are in response to feedback from industry, with...

Third Quarter 2018 Investment Funds The net asset value of total funds under management and administration has increased in Sterling terms over the quarter ended 30 September 2018 by £4 billion (1.4%) to £280 billion. For the year since 30 September 2017, total net asset values increased by £11 billion (4.1%). Open-ended Funds Within these totals, Guernsey domiciled open-ended funds increased by...

Council Regulation (EU) 356/2010, as implemented by the Somalia (Restrictive Measures) (Guernsey) Ordinance, 2012, the Somalia (Restrictive Measures) (Alderney) Ordinance, 2012 and the Somalia (Restrictive Measures) (Sark) Ordinance, 2012, has been amended by Council Implementing Regulation (EU) 2018/1933. The Implementing Regulation is available here: Council Implementing Regulation (EU) 2018...