Fiduciary

To allow further time for consideration, the deadline for feedback on fatal flaws and unintended consequences for the draft Protection of Investors Law has been extended to 11 April 2018. More information about the engagement can be found here. If you have any queries, please contact Siobhan Mahoney-Bougourd on 01481 732332.

Following release on 1 February 2018 of the draft Protection of Investors (Bailiwick of Guernsey) Law, 2018 for engagement (see here for the news article), the Commission will be hosting a drop-in session on 22 March 2018 between 8.30am and 9.30am. Please join us to discuss the draft Law and have a coffee and a croissant. The engagement paper in relation to the amendment to the Protection of...

The Commission would like to clarify that it considers the LSE’s AIM market as qualifying as a recognised exchange for the purposes of applying exemptions under the regulated activity of acting as a director under the Fiduciaries Law.

Financial Resources Requirements Rules, 2018 ("the FRR Rules") Following consultation with fiduciary licensees, external parties and the Guernsey Association of Trustees, the Commission is pleased to issue the FRR Rules, which come into force on 28 February 2018. The Commission is grateful for the contributions made by those parties. The FRR Rules replace those requirements found under a number of...

The Commission has issued a Feedback Statement regarding the LCF Consultation Paper on the GFSC Citizen Space Consultation Hub. Feedback Statement

The Commission is seeking feedback on the provisions of the draft Protection of Investors 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 engagement papers which the Commission has published set out the topics upon which assistance is requested and questions...

GUERNSEY FINANCIAL SERVICES COMMISSION ANNUAL FEES 2018 All businesses, entities and individuals licensed by or registered with the Guernsey Financial Services Commission are reminded that the payment of annual fees to the Commission are due by 31 January 2018. If payment is received after the due date a late payment penalty fee will be applied in accordance with Regulation 2 of the Financial...

The Pension Licensees (Conduct of Business) & Domestic and International Pension Scheme and Gratuity Scheme Rules (No.2) 2017 were issued by the Commission on 25 August 2017. The Commission has been engaging recently with the Guernsey Association of Pension Providers ("GAPP") and GAPP has agreed to ask its members for feedback on whether any improvements could be made to the Rules. All suggestions...

Licensees are reminded that where a Licence is held at as at 1 January 2018 and no request has been received by the Commission by close of business on 31 December 2017 to cancel or surrender that licence, then the (non-refundable) annual licence fee for 2018 will be payable by the licensee. Likewise, where no request to suspend or revoke the authorisation or registration of a collective investment...