General

In 2014, the Commission established a panel of Queen’s Counsel who sit as ‘Senior Decision Makers’ and determine the outcome of the Commission’s major enforcement cases. A Senior Decision Maker, sitting alone, hears those cases involving findings of serious regulatory shortcomings against a licensee and/or individual directors and where those findings are contested. As part of the process Senior...

Consultation on Code of Market Conduct. The Commission is pleased to release the draft Code of Market Conduct (“the Code”) for consultation. (see here) Closing date is 12 June 2018. The Commission would be grateful for any representations but, in particular, would like comment on the following subjects: 1. Do you agree with the structure of the Code? i.e. a hierarchy: a. Section 2 – Descriptions...

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 Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulations, 2007 as amended (“the Regulations”)...

The Commission is seeking to work with the global insurance industry to ensure that long-term green investments can be effectively taken on as assets to meet long-term life insurance liabilities. This initiative seeks to fulfil two aims: the first is to make it easier for insurance companies to access long-term investments that in turn will make it easier for insurance companies to offer...

Two-factor authentication (“2FA”) functionality is now available on the Online Submissions Portal. This is in line with the Commission’s commitment to continually improving the security of licensee data. If your organisation promotes the use of 2FA, then please ensure that your portal users opt in to use the functionality. A guide with instructions is available here .

The Commission is seeking feedback on the provisions of the draft Protection of Investors Law, the draft Regulation of Fiduciaries Law and the definitions which are proposed to be used across the revised supervisory laws and specifically whether these may have any unintended consequences or contain fatal flaws. The Commission has published engagement papers in relation to these setting out the...

The Commission is seeking feedback on the provisions of the draft Regulation of Fiduciaries Law specifically whether the amendments may have any unintended consequences or contain fatal flaws. The engagement paper which the Commission has published sets out the topics upon which assistance is requested and questions regarding unintended consequences and whether there are any significant issues in...

To allow further time for consideration, the deadline for feedback on fatal flaws and unintended consequences for the draft Protection of Investors Law has been extended to 11 April 2018. More information about the engagement can be found here . If you have any queries, please contact Siobhan Mahoney-Bougourd on 01481 732332.

Following release on 1 February 2018 of the draft Protection of Investors (Bailiwick of Guernsey) Law, 2018 for engagement (see here for the news article), the Commission will be hosting a drop-in session on 22 March 2018 between 8.30am and 9.30am. Please join us to discuss the draft Law and have a coffee and a croissant. The engagement paper in relation to the amendment to the Protection of...