News

Fiduciary

Commission publishes guides to Risk Based Supervision & Regulatory Framework

22nd November 2017
The Commission has published a guide to financial services regulation in the Bailiwick which is intended to clarify and explain regulation in a non-legal way. To view or download a copy please click here. At the same time, the Commission has taken the opportunity to republish its guide to risk based supervision in Guernsey which was first published in April 2016. To view or download a copy please...

New Discretionary Financial Penalties

10th November 2017
In January 2016, the States of Deliberation (the States) agreed to increase the maximum level of financial penalties available to the Commission which can be applied in cases where there have been serious breaches of the regulatory laws. Subsequently, in March 2016, the States approved the necessary legislation (Projet de Loi) to give effect to the proposals. The Commission has been informed that...

Investor Protection Regulations

17th October 2017
This morning the Policy & Resources Committee approved “The Investor Protection (Designated Countries and Territories) (Bailiwick of Guernsey) Regulations, 2017” (“the regulations”). The regulations are in force from today. These regulations designate certain countries and territories for the purposes of s29(1)(cc) of the Protection of Investors (Bailiwick of Guernsey) Law 1987. The effect of this...

The Pension Licensees (Conduct of Business) & Domestic and International Pension Scheme and Gratuity Scheme Rules (No. 2) 2017

25th August 2017
The Commission has today published “ The Pension Licensees (Conduct of Business) & Domestic and International Pension Scheme and Gratuity Scheme Rules (No. 2) 2017” (please click here), which replaces the earlier version, published last month, which required some minor amendments.

Commission consults on Fees for 2018

28th July 2017
The Commission today launches a consultation paper (please click here for a copy) on its proposals for the 2018 licence fees paid by firms. The consultation period will close on Friday 8th of September. An overall blended rate of increase of 3%, excluding anomalies, is proposed for 2018. Commission Chairman, Drs Cees Schrauwers, said: "For five years the Commission has kept the average fee...

Engagement on Draft Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2017

25th July 2017
Introduction The Commission is today seeking feedback and assistance from the financial services industry specifically on whether the provisions of the Enforcement Law may have any unintended consequences or fatal flaws. What the engagement is not about The Commission has engaged with the financial services industry through the issuing of a discussion paper and later through a full consultation...

Lending, Credit and Finance Consultation

18th July 2017
The Commission is today issuing a consultation paper seeking feedback on a number of regulatory proposals for firms involved in lending, credit and finance. The consultation period will close on Friday 15th September 2017. The proposals contained within the consultation paper have a twofold purpose:- A) Opening up Guernsey to more innovative, often digitally enabled, financial services which don’t...