Articles from 2023

The Commission has been granted leave to appeal the judgment of LB Marshall KC in the case of Domaille, Clarke & Hannis and the Guernsey Financial Services Commission. A copy of the judgment is available on the Guernsey Legal Resources website. After careful consideration, the Commission decided to appeal the decision of LB Marshall KC because some of the reasoning and interpretation of the law...

Please be advised that Vitaly Alexsandrovich BELITSKY Ekaterina Mikhailovna DOROKHINA Natalia Nikolaevna DUDAR Boris Georgievich LOKTIONOV Danila Yurievich MIKHEEV Anna Evgenievna POTYCHKO have been designated under the Russia (Sanctions) (EU Exit) Regulations 2019 (the UK regulations) and are now subject to an asset freeze and trusts services sanctions . Please also be advised that details in...

The Commission has today issued its report on the thematic review of the effectiveness of firms’ monitoring of, and compliance with, requirements for managing the risks posed by Politically Exposed Persons (“PEPs”). We undertook onsite inspections to 30 firms across the sectors with the largest exposure to PEPs. In all of the 170 PEP files which were reviewed, the relationships had an appropriate...

Following the full implementation of the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 (the LCF Law), the Commission has amended the Finance Sector Code of Corporate Governance (the Code) so that it is clear that it applies to firms licensed under the LCF Law. The application of the Code to LCF licensees was highlighted during the Commission’s LCF consultation. The list of...

The Commission today launches a consultation paper on proposals for increasing the licence fees paid by firms. The consultation period will close on Wednesday 20 September. The Commission is consulting on an overall increase in fees of 7.3%. Other specific proposals relating to fees that are outlined in the consultation paper are: a rebalancing of fees within the insurance sector on request of the...

Please be advised that the UK has made amendments to the details of Faysal Ahmad Bin Ali AL-ZAHRANI Yazid SUFAAT who are designated under the ISIL (Da'esh) and Al-Qaida (Sanctions) (EU Exit) Regulations 2019 (the UK regulations). The UK regulations are given effect within the Bailiwick under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020 as amended...

Please be advised that Ivan Aleksandrovitch Maslov has been added to the list of persons who are designated under the Mali (Sanctions) (EU Exit) Regulations 2020 (the UK regulations). The UK regulations are given effect within the Bailiwick under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020 as amended that have been made under the Sanctions...

Please be advised that the following individuals and entities Andrei Sergeevich Mandel Mikhail Potepkin Al-Solag Mining Company Ltd Meroe Gold M-Invest have been added to the list of persons who are designated under the Sudan (Sanctions) (EU Exit) Regulations 2020 (the UK regulations). The UK regulations are given effect within the Bailiwick under the Sanctions (Implementation of UK Regimes)...

Please be advised that the following individuals and entities Alexander Alexandrovich Ivanov Aleksandr Grigorievitch Maloletko Vitalii Viktorovitch Perfilev Konstantin Aleksendrovitch Pikalov Dimitri Sytii Lobaye Invest Sarlu Sewa Security Services have been designated under the Central African Republic (Sanctions) (EU Exit) Regulations 2020 (the UK regulations). The UK regulations are given...