Fiduciary

The Financial Services Commission (Bailiwick of Guernsey) Law, 1987 (the “Financial Services Commission Law”) The Regulation of Fiduciaries, Administration Business 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...

The Commission has today issued its report on the Thematic Review of Unclaimed Client Money of Collective Investment Schemes (“the Thematic”). The Thematic was undertaken in order to gain a better understanding of the value of unclaimed and unallocated monies in the collective investment scheme industry in Guernsey and how these monies are dealt with by the relevant parties. The Commission engaged...

Further to legislation passed by the States of Guernsey last week, the Commission has launched today a new director registration regime for individuals holding certain categories of directorships following amendments to the Criminal Justice (Proceeds of Crime) Law, 1999 and an amendment to the Regulations of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey)...

Further to the publication of a news article on our website on exemptions from licensing – personal directorships on 12 June, the Commission has updated the news article to provide further clarification: On 5 June 2023, the Regulation of Fiduciaries etc (Bailiwick of Guernsey) (Amendment) Regulations, 2023 were made by the Policy & Resources Committee (the “Committee”). These Regulations, which...

On 5 June 2023, the Regulation of Fiduciaries etc (Bailiwick of Guernsey) (Amendment) Regulations, 2023 were made by the Policy & Resources Committee (the “Committee”). These Regulations, which are to be laid before the States meeting on 5 July and which come into operation on 8 July, expand the available licensing exemptions for certain categories of personal directorship activity. The...

Additional Question The 2023 Fiduciary Annual Return, which will be available on licensees' timelines on 27 May 2023, includes the following additional question: Breakdown of business by geography for trusts, foundations, companies and partnerships. Currently fiduciary licensees are required to identify the country of residence of the settlor of a trust, the founder of a foundation or the...

The Financial Services Commission (Bailiwick of Guernsey) Law, 1987 (the “Financial Services Commission Law”); The Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulations, 2007 as amended (“the Regulations”). The Handbook for Financial Services Businesses on Countering Financial Crime and Terrorist Financing (“the Handbook”). The Principles of the...

Further to the announcement in our 2021 Annual Report advising of our intention to implement mandatory two-factor authentication (‘2FA’) on our Online Portals for all our regulated entities, we have been working on our background systems. On this basis by 31 May 2023, the Commission intends to switch 2FA on for all Portal Users who have not yet enabled this functionality. 2FA is an additional...

On 2 February 2023, the Commission imposed discretionary financial penalties as follows: Mr William Stephen Cairns (“Mr Cairns”) a financial penalty of £133,000; and Mr Du Preez Gert Vermeulen (“Mr Vermeulen”) a financial penalty of £35,000. Further, on the above date, the Commission imposed the prohibitions as follows: Mr Cairns prohibited from all functions for a period of ten years and six...