Fiduciary

The Commission’s Director General, William Mason, was the guest speaker at today’s lunchtime event held by the Chamber of Commerce. Mr Mason explored the positive relationship that can exist between regulation and economic growth. He posited that the key issue is not whether growth and regulation can co-exist but rather what level and type of regulation is optimal for economic growth. He suggested...

The Commission is today issuing Instruction Number 02/2018 for Financial Services Businesses and Prescribed Businesses replacing Instruction No. 01/2018 issued on 16 March 2018. Changes to Instruction No. 02/2018 include the removal of Iraq and Vanuatu and the addition of Pakistan. Further details in respect of these changes can be found within Part B of the Instructions. The Commission has also...

Introduction On 30 October 2015, the States of Deliberation approved the Policy Letter submitted by the Policy Council on the Revision of the Financial Supervisory and Regulatory Laws. Representatives of the States of Alderney and the Chief Pleas of Sark had previously indicated their support for the proposals which followed a public consultation process. The Law Officers of the Crown together...

Friday 22 June As part of our commitment to support innovation, the Guernsey Financial Services Commission is hosting a one day event, Friday 22 June, which will provide an opportunity for Bailiwick businesses or individuals to develop digital solutions to 3 pre-set challenges. The SoundBox Sprint will provide a unique one stop access to key bailiwick decision makers and business subject experts...

The Commission has published a report on its thematic review of the financial crime governance, risk and compliance frameworks within smaller firms within the fiduciary sector. The Financial Crime Supervision and Policy Division report which focused on the controls in place to manage and mitigate money laundering and terrorist financing risks can be found here. This thematic report confirms that...

Two-factor authentication (“2FA”) functionality is now available on the Online Submissions Portal. This is in line with the Commission’s commitment to continually improving the security of licensee data. If your organisation promotes the use of 2FA, then please ensure that your portal users opt in to use the functionality. A guide with instructions is available here.

Following release on 15 th March 2018 of the draft Regulation of Fiduciaries, Administration Businesses & Company Directors, etc. (Bailiwick of Guernsey) Law, 2018 for engagement (see here for the news article), the Commission will be hosting a drop-in session on 19 th April 2018 between 8.30am and 9.30am. Please join us to discuss the draft Law and have a coffee and a croissant. The engagement...

The Commission is seeking feedback on the provisions of the draft Protection of Investors Law, the draft Regulation of Fiduciaries Law and the definitions which are proposed to be used across the revised supervisory laws and specifically whether these may have any unintended consequences or contain fatal flaws. The Commission has published engagement papers in relation to these setting out the...

The Commission is seeking feedback on the provisions of the draft Regulation of Fiduciaries Law specifically whether the amendments may have any unintended consequences or contain fatal flaws. The engagement paper which the Commission has published sets out the topics upon which assistance is requested and questions regarding unintended consequences and whether there are any significant issues in...