General

In January 2016, the States of Deliberation (the States) agreed to increase the maximum level of financial penalties available to the Commission which can be applied in cases where there have been serious breaches of the regulatory laws. Subsequently, in March 2016, the States approved the necessary legislation (Projet de Loi) to give effect to the proposals. The Commission has been informed that...

The Commission has confirmed that it will apply an increase of 3% across all sectors for 2018, not including anomalies. Anomalies include a flat fee of £2,000 for change of controller applications which will be introduced under the Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law 2002, and the Protection of Investors (Bailiwick of Guernsey) Law, 1987. A similar fee will...

The Guernsey Financial Services Commission consulted on proposals to introduce changes to the FRR rules for full fiduciary licensees (“FFLs”). The consultation, which closed on 19 June 2017, generated a number of substantive responses, for which the Commission is grateful. The Commission is giving careful consideration to the views and opinions expressed by respondents and further discussions will...

The Commission has today published updated guidance on its Decision Making Process which is used in instances where the Commission proposes the imposition of an enforcement measure or sanction. The revised guidance is aimed at further streamlining the process whilst maintaining the open and transparent approach which has always been a key feature of the guidance. The updated guidance can be found...

Last week, Startup Guernsey hosted Guernsey's first Data Conference to explore how big data and its management is changing the world as well as what it means for the future of local businesses in Guernsey. The conference was sponsored by the States of Guernsey, PwC, JT and Bedell Cristin. The Commission’s Director General, William Mason, was the key note speaker at the conference. Other speakers...

This morning the Policy & Resources Committee approved “The Investor Protection (Designated Countries and Territories) (Bailiwick of Guernsey) Regulations, 2017” (“the regulations”). The regulations are in force from today. These regulations designate certain countries and territories for the purposes of s29(1)(cc) of the Protection of Investors (Bailiwick of Guernsey) Law 1987. The effect of this...

World Investor Week 2017 World Investor Week is a global campaign promoted by IOSCO to raise awareness about the importance of investor education and protection and highlight the various initiatives of securities regulators in these two critical areas. From 2-8 October 2017, IOSCO securities regulators and other IOSCO members on six continents will provide a range of activities, such as launching...

Representatives of the Commission met today in Sark with representatives of Sark’s Chief Pleas. The meeting had been arranged to enable the Commission to provide updates on a variety of regulatory matters including the recent introduction of pensions’ regulation, the Commission’s experience of innovation within the financial services industry and the Commission’s general approach to investigations...

“The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) (Pensions Amendment) (No.2) Regulations, 2017 (“the Regulation”) has been approved by the Policy and Resources Committee amending the definition of “gratuity scheme” contained within section 2(1)(e) of the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc...