Banking

​On 30 October the Commission issued: Instruction (Number 17) for Financial Services Businesses and Instruction (Number 15) for Prescribed Businesses For other Instructions and repealed Business from Sensitive Sources, see the Instructions page on this website.

The Commission would remind all companies which hold a licence from the Commission under the regulatory laws or which are registered or authorised as collective investment schemes (“funds”) under (i) below that an assurance statement under the Finance Sector Code of Corporate Governance* ("the Code") must be submitted to the Commission by no later than 31 July 2012. The regulatory laws are: the...

The States of Guernsey has adopted new sanction measures against Iran. The new sanctions carry forward the existing sanctions, introduce additional categories or persons as being subject to asset freezing provisions, and extend certain restrictions to the provision of insurance or reinsurance. Financial services businesses and prescribed businesses will need to familiarise themselves with the new...

On 12 March the Commission issued: Instruction (Number 16) for Financial Servcies Businesses and Instruction (Number 14) for Prescribed Businesses For repealed Instructions and Business From Sensitive Sources, see the Instructions page on this website.

​ The Finance Sector Code of Corporate Governance (“the Code”), issued in September 2011 with an effective date of 1 January 2012, stated the GFSC will require an assurance statement from companies confirming that the directors have considered the effectiveness of their corporate governance practices and are satisfied with their degree of compliance with the Principles set out in the Code, or the...

​The Commission has issued a Thematic Report on Data Security Practices within the Banking Sector of the Bailiwick of Guernsey. Data Security Review February 2012 - A Thematic Report on Practices within the Banking Sector of the Bailiwick of Guernsey

Guernsey adopts new Terrorist Asset-Freezing Law. A link to the States of Guernsey media release can be found at www.gov.gg.

The Commission has made a number of changes to the Handbook for Financial Services Businesses on Countering Financial Crime and Terrorist Financing and to the Handbook for Legal Professionals, Accountants and Estate Agents on Countering Financial Crime and Terrorist Financing. The principal changes are to the chapters on UN, EU and Other Sanctions. A copy of the Handbook for Financial Services...

The Commission has written to financial services businesses in connection with Eurozone risk management. The Commission has noted that continuing action by governments in the Eurozone might not achieve the desired effect of improving financial stability. One or more Eurozone members may exit from Euro currency union, and reversion to local currencies is possible. Accordingly, the Commission has...