General

The Financial Crime Risk Return (the “FCRR”) for the reporting period 1 July 2020 to 30 June 2021 will be available for completion on the Online Submissions Portal on 13 July 2021. The submission deadline is 31 October 2021. Following the Commission's previous announcements and after consultation with industry, updates made to the 2021 FCRR include: Additional reporting on suspicious activity and...

The Commission is delighted to announce that Mr Julian Winser has been sworn in as a Commissioner after being approved by the States of Deliberation. The vacancy arose following the retirement of Mr Bob Moore, the Commission’s former Vice-Chairman. Mr Winser will be appointed as the Commission’s Chairman on the retirement of Drs Cees Schrauwers in December. Mr Winser served in the military as an...

First Quarter 2021 Guernsey Funds The total net asset value of Guernsey funds has increased in Sterling terms during the last quarter by £18.1 billion (7.4%) to £263.6 billion. Over the past year, total net asset values have increased by £30.4 billon (13.0%). Open-ended Schemes Within these totals, Guernsey domiciled open-ended funds decreased over the quarter by £1.0 billion (-2.0%) to £48.0...

The Guernsey Financial Services Commission has issued today a consultation paper (“CP”) seeking views from interested parties as part of the implementation of the Revision of Laws Project. The CP relates to the proposed re-issuing of the Commission’s codes and guidance due to the revised s upervisory l aws arising from the Revision of Laws Project. The draft codes and guidance do not implement...

The Commission has today published its 2020 annual report and financial statements . Talking about the report, the Commission’s Director General, William Mason noted that: “ Last year, in common with the rest of the world, the Bailiwick had to deal with the effects of the global pandemic. During that period, the Commission faced a number of additional challenges as did our licensees. I was...

The Commission has today announced that following consultation with industry, it has revoked the Non-Guernsey Scheme regime and the associated rules. A Non-Guernsey Scheme is a collective investment scheme that is not established or incorporated in the Bailiwick of Guernsey and is not authorised or registered by the Commission. Commenting on the decision, the Commission’s Director General, William...

On 16 April 2021 the Commission imposed a discretionary financial penalty on Ms Sarah Jayne Sarre of £13,500. The above sanction was imposed on Ms Sarre as a result of her failure to meet the minimum criteria for licensing. More details to follow in due course.

The Financial Services Commission (Bailiwick of Guernsey) Law, 1987 (“the Financial Services Commission Law”); The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 (the “Fiduciaries Law”); The Disclosure (Bailiwick of Guernsey) Law, 2007 (the “Disclosure Law”). The Criminal Justice (Proceeds of Crime) (Financial Services Businesses)...