General

The Commission has today announced that it has signed a new Memorandum of Understanding (“ the MOU ”) with the Board of the Guernsey Banking Deposit Compensation Scheme (GBDCS). The MOU provides a formal basis for co-operation, including for the exchange of information and provides a framework for the working relationship between the Commission and the Board which are both independent bodies. In...

10th Annual Conference 2021 - Save the date flyer

Over the course of this year, licensees had to change their business working practices rather rapidly due to Covid-19 and for most licensees and their staff this involved moving to home working. Many licensees have since returned to office working although the Commission is aware that a number are continuing to operate some form of home working. The Commission is also aware that one or two...

Introduction On the 30 th of October 2015 the States of Deliberation approved the Policy Letter submitted by the Policy Council on the Revision of the Financial Supervisory and Regulatory Laws. Representatives of the States of Alderney and the Chief Pleas of Sark has previously indicated their support for the proposals which followed a public consultation process, together with the Law Officers of...

The GFSC is Participating in the GFIN’s Cross-Border Testing. The GFSC is pleased to be participating in the GFIN’s Cross-Border Testing which launches today, 29 th October 2020. The Global Financial Innovation Network (GFIN) – a group of over 60 international organisations committed to supporting financial innovation in the interests of consumers – is inviting applications from firms to test...

On 12 th October 2020 The Bank of England (“BoE”) published a letter that it had sent to a selection of UK financial services firms. This letter requested feedback in relation to any possible operational implications that firms would encounter if the Bank of England’s Monetary Policy Committee (“MPC”) implemented a zero or negative policy rate. A copy of the letter is available here. Although the...

Second Quarter 2020 Guernsey Funds The total net asset value of Guernsey funds has decreased in Sterling terms during the last quarter by £6.4 billion (-2.7%) to £226.8 billion. Over the past year, total net asset values have decreased by £0.9 billon (-0.4%). Open-ended Schemes Within these totals, Guernsey domiciled open-ended funds increased over the quarter by £3.1 billion (6.8%) to £47.8...

The Guernsey Financial Services Commission has issued today a Consultation Paper seeking views from interested parties on proposed Cyber Security Rules and an accompanying Guidance Note for all licenced entities under the various supervisory laws. A copy of the Consultation Paper, Draft Rules and the Draft Guidance can be found here: https://www.gfsc.gg/commission/legislation-and-guidance...

The Commission is pleased to announce a further appointment to the Panel of Senior Decision Makers (SDMs) which the Commission has established for the purpose of considering and determining those enforcement cases which are not settled between the parties and the Commission. The new appointee as an SDM is Mr Russell Finch OBE who, until recently, was the first Judge of the Royal Court in Guernsey...