General

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...

The Guernsey Financial Services Commission has issued today a consultation paper (“CP”) on Bailiwick Mind and Management in relation to the Fiduciary and Investment sectors. The CP sets out proposals to issue guidance under the Fiduciaries Law 1 and the PoI Law 2 to clarify that maintenance of local mind and management is a relevant factor in the Commission’s assessment of the prudent conduct of...

The Commission has elected Baroness Couttie as its Vice-Chairman. Philippa has held leadership roles over the past 30 years in both financial services and politics. She founded, built up and successfully sold two businesses as well as being the Chief Executive of a subsidiary of a publicly quoted company, a director of Citigroup and Leader of Westminster City Council. She sits in the House of...

On Wednesday 26 January, the Commission reported that it had become aware of a website that had been established cloning the Commission’s own website. Since becoming aware of the matter, the Commission submitted abuse notifications to the domain registrar and the hosting provider as well as reporting the URL as malicious to the appropriate authorities. The cloned website’s domain has been taken...