General

The Commission has today removed Iceland from Appendix C (Equivalent Jurisdictions) of the Handbook on Countering Financial Crime and Terrorist Financing and issued an instruction for all specified business to ensure that full customer due diligence has been applied to all existing business relationships connected to Iceland by 31 January 2020. This action follows the Financial Action Task Force’s...

Third Quarter 2019 Investment Funds The net asset value of total funds under management and administration has decreased in Sterling terms during the last quarter by £9.8 billion (-3.3%) to £286.1 billion. Over the past year, total net asset values increased by £6.1 billion (2.2%). Open-ended Schemes Within these totals, Guernsey domiciled open-ended funds increased over the quarter by £0.9...

The Commission has today issued, in final form, the revised Handbook on Countering Financial Crime and Terrorist Financing ("the Handbook"). The Commission has revised the Handbook, in order to allow firms to advance work on revising their business risk assessments and policies, procedures and controls to take account of the provisions of Schedule 3 and the rules and guidance in the Handbook...

Section 3(1)(y) of The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) Law, 2000 After due consideration, the Commission will be amending our approach to specific discretionary exemptions (an “exemption”) in two ways: 1) To clarify the extent of an exemption. An exemption will only apply to the specific regulated activity in relation to the...

The Commission is pleased to announce that its application for membership of the NGFS has been accepted. Guernsey is the first island International Finance Centre to achieve membership of the NGFS in a move consistent with the international engagement element of Guernsey’s green finance strategy. The NGFS was established by eight central banks and supervisors following the "One Planet Summit" in...

The Guernsey Financial Services Commission is today issuing two Consultation Papers seeking feedback from interested parties on potential changes to the regulatory framework under the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 (the "Fiduciaries Law") with the objective of ensuring that the regime continues to be both compliant...

Second Quarter 2019 Investment Funds The net asset value of total funds under management and administration has increased in Sterling terms during the last quarter by £16 billion (5.5%) to £295.9 billion. Over the past year, total net asset values increased by £20 billion (7.1%). Open-ended Schemes Within these totals, Guernsey domiciled open-ended funds increased over the quarter by £4.8 billion...

Today the Commission issues its Feedback Statement. The Statement summarises responses which centred on asset weighting, a green taxonomy and ILS. The Statement illustrates the Commission’s continuing commitment to the green agenda. The Statement can be found here.

The Commission is today issuing Instruction No. 02/2019 for Specified Businesses, replacing and repealing Instruction No. 01/2019 for Specified Businesses issued on 1 April 2019. Changes since Instruction No. 01/2019 include the addition of Panama and the removal of Serbia. Further details in respect of these jurisdictions can be found within Part B of the Instruction. A copy of Instruction No. 02...