Fiduciary

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 Reporting Suspicion and UN, EU and Other Sanctions. A copy of the Handbook...

​ FIVE new Deputy Directors have been appointed at the Guernsey Financial Services Commission. They will fill four vacant positions besides one newly created. All the successful candidates have been recruited from inside the Commission. The new post is a second Deputy Director of the Investment Business Division, in order to strengthen the department. The appointments are: Emma Bailey and Louise...

​ The Commission has placed a revised draft of the Finance Sector Code of Corporate Governance on the consultation page of its website . Any comments on the Code should be provided in writing to the Policy and International Affairs team at the Commission by close of business on 1 June. Code of Corporate Governance - Consultation Paper for GFSC

​ On 4th April the Commission issued: Instruction (Number 12) for Financial Services Businesses and Instruction (Number 10) for Prescribed Businesses For repealed Instructions and Business from Sensitive Sources Notices, see the Business from Sensitive Sources & Instructions page of this website.

​ The IMF has today published six reports arising from its evaluations in March and May 2010 of the Bailiwick’s financial supervision and criminal justice frameworks. The reports commend Guernsey as having financial sector regulation and supervision of a high standard across all sectors, and a legal framework which provides a sound basis for an effective AML/CFT regime, with preventive measures...

On 6 December the Commission issued: Instruction (Number 11) for Financial Services Businesses and Instruction (Number 9) for Prescribed Businesses. For repealed Instructions and Business from Sensitive Sources Notices, see the Business from Sensitive Sources & Instructions page of this website.

​The States of Guernsey has adopted new sanction measures against Iran. The new sanctions introduce additional categories or persons as being subject to asset freezing provisions. Financial services businesses and prescribed businesses will need to familiarise themselves with the new sanctions and check their records to ensure compliance. Further information on the sanctions and any notifications...

These Rules were the subject of a presentation by the Commission to the finance sector on 20 October 2010. They will come into force on 1 January 2011 and are available here. The Rules originated in a consultation exercise concluding in late 2009 on regulatory requirements applicable to insurance intermediaries, investment businesses and fiduciaries who provide services in relation to Retirement...

​As notified in a news item on 1 September 2010, the Regulations came into force on that date. Financial penalties payable under the Regulations accrue automatically. It is the responsibility of each regulated person to ensure that they have complied with their applicable filing responsibilities. Regulated persons who submit filings after the prescribed date are responsible for ensuring that...