Articles from 2021

Second Quarter 2021 Guernsey Funds The total net asset value of Guernsey funds has increased in Sterling terms during the last quarter by £9.0 billion (3.4%) to £272.6 billion. Over the past year, total net asset values have increased by £45.8 billon (20.2%). Open-ended Schemes Within these totals, Guernsey domiciled open-ended funds increased over the quarter by £2.0 billion (4.2%) to £50.0...

The Commission is publishing today the finalised draft revised rules, codes and guidance that accompany the introduction of the revised principal laws dealing with the regulation of financial services business in the Bailiwick as part of the Commission’s Revision of Laws project. The new rules, codes and guidance will come into effect on Monday 1 November 2021, on the same day as the new and...

The Commission has been notified that investment is being promoted in the above-named entity by non-licensed individuals in Guernsey. The purpose of this notice is to advise that The HyperFund is not licensed, authorised or in any way regulated by the Commission for the conduct of any financial services business in the Bailiwick of Guernsey. The Commission also wishes to emphasise that dealing in...

The Commission became the regulator of pension providers in the Bailiwick in 2017. Since then, it has gathered and analysed information from pension providers as part of its regulatory oversight function, including through Form 126 Fiduciary – Pension Scheme or Gratuity Scheme Quarterly Return, which is currently completed by fiduciary licence holders forming, managing or advising on pension...

The Commission wishes to remind all financial services businesses and prescribed businesses (with the exception of personal fiduciary licensees and general insurers) that the Financial Crime Risk Return (“the Return”) is due for submission by 31 October 2021. The Return can be found via the Commission’s Online Submissions Portal, located at https://submit.gfsc.gg/ . Should you have any technical...

The Commission has today published the feedback to its Consultation on Amendments to the Banking Rules on Accounts, Disclosure & Large Exposures. In March 2021 the Commission published a Consultation Paper on its proposed Accounts, Disclosure and Reporting Rules and its Large Exposure Rules, to be issued under the Banking Supervision (Bailiwick of Guernsey) Law, 2020 (due to come into effect on...

Our Director of the Authorisations and Innovation Division, Emma Bailey, after nearly 20 years of dedicated service, has decided it is the right time to leave the Commission this autumn to take up a role in industry. Whilst Emma will be missed, the Commission is pleased to announce that Caroline Bradley, current Deputy Director in the Authorisations and Innovation Division, and Alison Gavey...

Yesterday, the Commission reported that it had become aware of a phishing attempt sent to some of its licensees – see news item here . An email purporting to be from a member of the Commission’s staff was sent from the domain guernseyfsc.com. Since becoming aware of the matter, the Commission reported the link to websites designed to submit known and suspected phishing links to major internet...

The Commission has become aware of a phishing attempt being sent to some of its licensees purporting to be from a Commission member of staff. The fraudulent email requests that licensees click on a link and provide confirmation of details contained in that link. If you have received an email from a member of Commission staff and you are unsure of its authenticity, please do not click on any links...