General

Members of industry are advised that this event, which will take place on Thursday 4 th April at St James, is now oversubscribed. Waiting lists are in place for sessions 1 and 2 although there are some places still available on session 3. All those attending will need to have registered their interest in advance by emailing the completed invitation form to [email protected]. Registration identification...

On 30 October 2015, the States of Deliberation approved a Policy Letter submitted by the Policy Council which recommended that the regulatory laws should be updated to reflect current international standards. Representatives of the States of Alderney and the Chief Pleas of Sark had previously indicated their support for the proposals which followed a major public consultation process. More...

The Commission has today issued, in final form, the revised Handbook on Countering Financial Crime and Terrorist Financing. This follows the approval of the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) (Amendment) Ordinance, 2018 by the States of Guernsey during December 2018. The revisions to the rules and guidance in the Handbook, together with the revised legislation, bring the...

The Commission’s Director General, William Mason, yesterday signed an MOU with Andrew Bailey, Chief Executive Officer of the Financial Conduct Authority, which ensures Guernsey firms can continue to use the UK’s National Private Placement Regime after Brexit.

Fourth Quarter 2018 Investment Funds The net asset value of total funds under management and administration has increased in Sterling terms during the quarter ended 31 December 2018 by £1.7 billion (0.6%) to £281.7 billion. For the year since 31 December 2017, total net asset values increased by £11.7 billion (4.3%). Open-ended Funds Within these totals, Guernsey domiciled open-ended funds...

Nominated Officers - PQ Portal The Commission has ceased to require notice of any changes to a firm’s Nominated Officers from today. Any person who has taken up a Nominated Officer appointment or ceased to hold such an appointment from 28 February 2019 is no longer required to complete an Online PQ or an Online Appointment. However, firms are reminded that they must continue to inform the...

The Guernsey Financial Services Commission (“GFSC”) announced on 7 August 2018 its participation in the Global Financial Innovation Network (“GFIN”) ( link to news story) and today GFIN has published two documents: 1) A Press Release confirming the GFIN’s functions and the opening of a 1-month application window for Cross-Border testing 2) GFIN’s Terms of Reference for Membership and Governance...

GUERNSEY FINANCIAL SERVICES COMMISSION ANNUAL FEES 2019 All businesses, entities and individuals licensed by or registered with the Guernsey Financial Services Commission are reminded that the payment of annual fees to the Commission are due by 31 January 2019. Where applicable, a late payment penalty fee will be applied for payments received after the due date in accordance with Regulation 2 of...

The GFSC was one of the 12 founding members of the Global Financial Innovation Network (“GFIN”) and a contributor to a consultation paper circulated in August 2018, which set out the initiative. As financial innovation is one of the main purposes for involvement, the GFSC is hosting a round table discussion on the topic, “the GFIN SoundBox Dash” which will take place on 18 January 2019 between 12...