General

Earlier this week, in a presentation i to a meeting of the IOSCO ii European Regional Committee, representatives of the GFSC advocated an assessment of the potential for developing a template or multilateral instrument to help the ongoing evolution of mutual recognition regimes within the funds industry. The GFSC’s representatives who attended the meeting noted that IOSCO’s seminal 2015 work in...

The Commission is pleased to release a consultation paper on the development of a Guernsey Green Fund. Closing date is 1 June 2018. A copy of the consultation paper and the draft rules can be found here: [Consultation Paper] [Rules] The Commission would be grateful for any representations and would draw your attention to the list of questions on page 15 of the consultation paper. I would like to...

The Commission has been asked to publish the attached link to an Advisory which has been issued by the UK National Cyber Security Centre: https://www.ncsc.gov.uk/alerts/russian-state-sponsored-cyber-actors-targeting-network-infrastructure-devices

The Commission expects a high volume of returns to be processed in the Online Submission portal during April. As a result, you may experience delays as the month-end deadline date approaches. Thank you for your patience at this busy time.

Authorisations, Banking, Fiduciary, Insurance, Investment To assist firms in notifying the Commission of a Change of Controller, as required under the various regulatory laws, sector-specific application guidance together with the relevant Change of Controller application form (CofC 2018) is now available on the Commission's website under the Authorisations application menus for each industry...

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...