General

Following completion of its recent consultation on mind and management requirements for the Fiduciary and Investment sectors the Commission has today issued updated consolidated versions of the Fiduciary Rules and Guidance, 2021 and the Licensees (Conduct of Business) Rules and Guidance, 2021. Both sets of Rules have been amended with the addition of a new rule requiring fiduciary and investment...

The Commission has today published its 2021 annual report and financial statements. The report notes that the combination of the vast quantitative easing undertaken across the developed world to combat Covid restrictions and the war in the Ukraine have crystallised the inflationary risk the Commission had previously highlighted. The fiscal and monetary responses to this inflation are likely to see...

Guernsey Funds The total net asset value of Guernsey funds has increased in Sterling terms during the last quarter by £6.0 billion (2.0%) to £309.6 billion. Over the past year, total net asset values have increased by £45.9 billon (17.4%). Open-ended Schemes Within these totals, Guernsey domiciled open-ended funds decreased over the quarter by £0.1 billion (-0.2%) to £54.4 billion. This represents...

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 is pleased to announce that its application for membership of the Taskforce on Nature-related Financial Disclosure (TNFD) Forum has been accepted. In joining the TNFD Forum - whose membership already includes major environmentally focused regulators such as the Bank of England and Banque de France - the Commission aims to further the Bailiwick’s aim of developing as a leading centre...

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 Capital...