Articles from 2020

Date of prohibition order, law under which made and prohibited functions: The Regulation of Fiduciaries, Administration Business and Company Directors, etc (Bailiwick of Guernsey) Law, 2000, as amended; from 17 February 2020 until 17 August 2023: the functions of director, controller, partner and manager in relation to a regulated activity carried on by or for a licensed fiduciary. The Protection...

Date of prohibition order, law under which made and prohibited functions: The Regulation of Fiduciaries, Administration Business and Company Directors, etc (Bailiwick of Guernsey) Law, 2000, as amended; from 17 February 2020 until 17 April 2026: the functions of director, controller, partner and manager in relation to a regulated activity carried on by or for a licensed fiduciary. The Protection...

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 Protection of Investors (Bailiwick of Guernsey) Law, 1987 (the “POI Law”); The Insurance Managers and Insurance Intermediaries (Bailiwick of...

On 10 & 11 February 2020 representatives of the Policy & Resources Committee, the Guernsey Financial Services Commission (“the Commission”) and the Financial Intelligence Service gave presentations on the Bailiwick’s National Risk Assessment of Money Laundering and Terrorist Financing risks ("the NRA"). The Commission’s presentation covered the main money laundering and terrorist financing risks...

Please be advised that one entry has been added to the list of individuals and entities associated with ISIL (Da’esh) and Al-Qaida maintained by the European Union under Council Regulation (EC) No 881/2002 by Commission Implementing Regulation (EU) No 2020/184. These changes are automatically effective in the Bailiwick under the Al-Qaida (Restrictive Measures) (Guernsey) Ordinance, 2013, the Al...

The Commission has issued its report on the thematic review of cash management and control of funds by licensed insurers. The review was undertaken during the latter part of 2019. A copy of the thematic review can be found by clicking here. Broadly, the thematic review uncovered a number of areas of good practice, for example in maintaining appropriate signatory lists and having adequate policies...

Please be advised that the United Nations Security Council has added one entry to the list of individuals and entities subject to restrictive measures, including targeted financial sanctions, under United Nations Security Council Resolution 1267. Further details are available here: https://www.un.org/press/en/2020/sc14097.doc.htm Under section 13 of the Sanctions (Bailiwick of Guernsey) Law, 2018...

The Guernsey Financial Services Commission ("GFSC") was pleased to note the recent political agreement reached between the European Council and the European Parliament on an EU-wide classification system, or "Taxonomy", which will provide businesses and investors with a common language to identify what economic activities can be considered environmentally sustainable. The detailed criteria...

The Commission is pleased to announce that, following a comprehensive recruitment process, Charisma Lyall has been appointed as the Commission’s next General Counsel. Charisma will be replacing Philip Nicol-Gent who will be returning to the UK later this year having worked in the island for the past twenty years. Philip has been the Commission’s General Counsel for six and a half years and prior...