General

The Commission has today issued its report on the thematic review of its licensees’ effectiveness in monitoring and compliance with targeted financial sanctions. The results showed that the sanctions screening systems that firms use are effective. A copy of the thematic review can be found here . The Commission undertook this work in 2021 having recognised the growing importance and complexity of...

On 29 April 2022, the Guernsey Financial Services Commission, acting pursuant to powers granted to it under the Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 , made an application to the Royal Court for an administration management order in relation to the Company, a company licensed under the Protection of Investors (Bailiwick of Guernsey) Law, 2020. The...

The Commission has today published a Consultation Paper proposing the introduction of a Natural Capital Fund regime. It is also, through a separate Consultation Paper, bringing forward proposals to counter the risk of greenwashing. Both Consultation Papers can be found here . Creating an Ecosystem for Natural Capital Investment The first Consultation Paper proposes the creation of a Natural...

The Commission is pleased to announce that the States of Guernsey have appointed Mr Stuart King as a new Commissioner. The vacancy arose following the retirement of Drs Cees Schrauwers. Mr King is a non-executive director at Pension Corporation, the UK pension annuity specialist, and an independent consultant. Previously Mr King was the Group Compliance Director at Aviva and a Managing Director at...

VTBC Asset Management International Limited (“the Company”) Registration No. 52383 NOTICE IS HEREBY GIVEN pursuant to section 82(5)(b) of the Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 that at 9:30am on Friday the 29 th April 2022 an application will be made to the Royal Court for an administration management order in relation to the Company.

Guernsey Funds The total net asset value of Guernsey funds has increased in Sterling terms during the last quarter by £13.6 billion (4.7%) to £303.6 billion. Over the past year, total net asset values have increased by £58.1 billon (23.7%). Open-ended Schemes Within these totals, Guernsey domiciled open-ended funds increased over the quarter by £2.3 billion (4.4%) to £54.5 billion. This represents...

This notice is to provide notification that, in light of the war in Ukraine, any application involving individuals, entities or investments connected with Russia is ineligible for consideration through any of the Commission’s fast-track application regimes. The Commission will expect any application to be accompanied by reputable legal advice confirming the individuals and entities involved have...

The Commission is monitoring the situation and has been, through its 2021 thematic work on sanctions screening and other interactions, encouraging firms to prioritise their sanctions monitoring and assessment of sanctions risks. The Commission requests that all firms check whether they maintain any accounts or otherwise have any kind of relationship with the persons referred to in sanctions...

The Commission has today issued its report on the thematic review of reinsurance and other forms of risk transfer by licensed insurers. The review was undertaken during the latter part of 2021. A copy of the thematic review can be found by clicking here . Broadly, the thematic review uncovered a number of areas of good practice, for example where some firms have high quality reinsurance contracts...