Banking

The Commission has today published its 2020 annual report and financial statements. Talking about the report, the Commission’s Director General, William Mason noted that: “ Last year, in common with the rest of the world, the Bailiwick had to deal with the effects of the global pandemic. During that period, the Commission faced a number of additional challenges as did our licensees. I was...

The Guernsey Financial Services Commission has issued today three consultation papers (“CPs”) seeking views from interested parties as part of the implementation of the Revision of Laws Project. The first CP provides for revision to regulations and rules made under the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (the “new...

The Commission is aware that there has been a recent increase in phishing attempts targeting local businesses. Firms are reminded of the guidance available to them in the Commission’s Cyber Rules and Guidance, 2021 and in particular the need to ensure the Firm: has appropriate cyber security software in place; implements IT systems updates in a timely manner; and its staff exercise caution and...

The Guernsey Financial Services Commission has issued today a Consultation Paper seeking views from interested parties on proposed Banking Supervision (Accounts, Disclosure and Reporting) Rules and Guidance and amendments to the Commission’s Large Exposure and Upstreaming framework in the form of proposed Banking Supervision (Large Exposure) Rules. The proposed Accounts, Disclosure and Reporting...

The Commission has today published a Spring Green Consultation Paper - please click here and its Thematic Review of the Guernsey Green Fund Regime - please click here. Both documents underline the Bailiwick’s ongoing commitment to this important area. The Spring Green Consultation Paper proposes an addition to the Finance Sector Code of Corporate Governance, to take specific account of climate...

The Commission is today stating that late filing fees will not be applied in respect of all regulatory returns that are due to be submitted between now and the end of June provided they are submitted within two months of the original deadline. Although the timelines on the Commission’s Online returns portal for returns will not be altered so the original dates will still show, the Commission will...

The Commission confirms that with effect from Monday 25 January 2021, the vast majority of its staff will be home working. The Commission’s Authorisations team remains open for business. The switchboard will continue to operate during normal office hours and callers will be asked by the receptionist to provide their contact details in order that a member of staff can call or email them back. Firms...

The Commission has now sent its 2021 annual fees to all licensees and registrants by email. If you have not receive d an invoice by email you should contact [email protected] quoting the entity name and the GFSC reference number, which can be found on our website ( Regulated Entities and Registered Entities). You may also contact this email address to confirm the validity of an emailed invoice...

In its efforts to provide greater regulatory clarity for industry, the Commission has today published new guidance aimed at providing additional clarification about Designated Custodians’ duties. This guidance sets out the standards of conduct that are expected of Designated Custodians when they act for Open-Ended Collective Investment Schemes and where the assets are held indirectly, for example...