Articles from 2019

The Commission wishes to remind all financial services 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 2019. 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...

Section 3(1)(y) of The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) Law, 2000 After due consideration, the Commission will be amending our approach to specific discretionary exemptions (an “exemption”) in two ways: 1) To clarify the extent of an exemption. An exemption will only apply to the specific regulated activity in relation to the...

Council Regulation (EU) No 2017/2063, as implemented in the Bailiwick by the Venezuela (Restrictive Measures) (Guernsey) Ordinance, 2017, has been amended by Council Implementing Regulation (EU) No 2019/1586. The effect of the amendments, which are automatically and immediately effective in Guernsey, is to add seven persons to the list of persons subject to an asset freeze and other financial...

The Commission is pleased to announce that its application for membership of the NGFS has been accepted. Guernsey is the first island International Finance Centre to achieve membership of the NGFS in a move consistent with the international engagement element of Guernsey’s green finance strategy. The NGFS was established by eight central banks and supervisors following the "One Planet Summit" in...

Council Regulation (EU) 224/2014, as implemented in the Bailiwick by the Central African Republic (Restrictive Measures) (Guernsey) Ordinance, 2014, the Central African Republic (Restrictive Measures) (Alderney) Ordinance, 2014 and the Central African Republic (Restrictive Measures) (Sark) Ordinance, 2014, has been amended by Council Implementing Regulation 2019/1574. The effect of the amendment...

Council Regulation (EU) 269/2014, as implemented by the Territorial Integrity etc. of Ukraine (Restrictive Measures) (Guernsey) Ordinance 2014, the Territorial Integrity etc. of Ukraine (Restrictive Measures) (Alderney) Ordinance 2014 and the Territorial Integrity etc. of Ukraine (Restrictive Measures) (Sark) Ordinance 2014, has been amended by Council Implementing Regulation (EU) No 2019/1403...

The Guernsey Financial Services Commission is today issuing two Consultation Papers seeking feedback from interested parties on potential changes to the regulatory framework under the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 (the "Fiduciaries Law") with the objective of ensuring that the regime continues to be both compliant...

Second Quarter 2019 Investment Funds The net asset value of total funds under management and administration has increased in Sterling terms during the last quarter by £16 billion (5.5%) to £295.9 billion. Over the past year, total net asset values increased by £20 billion (7.1%). Open-ended Schemes Within these totals, Guernsey domiciled open-ended funds increased over the quarter by £4.8 billion...

Today the Commission issues its Feedback Statement. The Statement summarises responses which centred on asset weighting, a green taxonomy and ILS. The Statement illustrates the Commission’s continuing commitment to the green agenda. The Statement can be found here.