Articles from 2016

The Commission has confirmed that it will apply a blended rate increase of 2%, including anomalies, to the fees charged to licensees effective from 1st January 2017. There will also be a change to the fee structure for the insurance sector. Last year, the Commission agreed to work with representatives of the Guernsey International Insurance Association (GIIA) to determine whether an alternative...

The Commission today publishes a Discussion Paper ('DP') outlining a potential approach for modernising the supervisory framework for the provision of private pensions. This follows discussions with the States of Guernsey The DP has been developed with the input of a working group comprising representatives from stakeholders across the public and private sectors in particular members of both the...

The Commission is today issuing a consultation paper on proposed rules for Special Purpose Insurers. These rules will serve to codify the Commission’s existing practice in relation to Insurance Linked Securities and, in particular, entities conducting collateralised reinsurance. Responses to the consultation which can be found via this link are sought by Friday 11 November 2016.

The Guernsey Financial Services Commission is consulting on proposals to introduce a regime for private investment funds. Background This consultation is the evolution of discussions held by the Investment Supervision and Policy Division and industry, commencing with the Manager-Led Product. These discussions acknowledged a gap in the current suite of investment products within the Bailiwick...

Investment Audited Financial Statements (Funds) – Return Form 143 Investment Audited Financial Statements (Non-Guernsey Schemes) Return 143 should be completed by all licensees for whom it appears on their Online Submissions Timeline. Online Submission Form 200 should be used by licensees responsible for submitting Non-Guernsey Scheme accounts to the Commission until such time as a dedicated...

The Commission has today issued an FAQ for legal professionals as a result of the recent changes to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999. The FAQ has been created to assist legal professionals in determining whether or not a particular service they offer is within the scope of the Criminal Justice (Proceeds of Crime) (Legal Professionals, Accountants and...

The Commission wishes to remind all financial services and prescribed businesses, together with personal fiduciary licence holders, that the Financial Crime Risk Return is due for submission by 31 October 2016. 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 Return, as well as guidance on...

Further to the Commission’s news release of 25 July 2016, the Commission would like to advise that Return 141a has now been released to the relevant licensees' timelines for the submission of Q3 statistical returns. Should a licensee wish to make use of a multi-scheme Designated Manager Quarterly Return, it may do so by completing the Form 141b spreadsheet which can be found here. Guidance Notes...

Investment Funds. The net asset value of total funds under management and administration has increased in Sterling terms over the quarter ended 30 June 2016 by £9 billion (3.8%) to £247.1 billion. For the year since 30 June 2015, total net asset values increased by £27.1 billion (12.3%) . Open-ended Funds. Within these totals Guernsey domiciled open-ended funds increased by £0.9 billion (2.2%)...