General

The Commission has today published its 2016 annual report and financial statements. Amongst the key themes explored in this year’s report is the role of boards and Non-Executive Directors, their responsibilities for assessing and controlling the risks faced by their firms as well as the importance of establishing and maintaining appropriate governance arrangements. The report also highlights the...

It has come to the Commission’s attention that there is an entity named Sark Company Registry which has been registered as a non-profit organisation in Sark and which has a website bearing the same name. The Commission wishes to emphasise that there is no company legislation in Sark. Anyone considering using the services of this organisation is advised to seek legal advice on the standing of...

The Guernsey Financial Services Commission is consulting on proposals to introduce new FRR rules for full fiduciary licensees. Background The Commission has been working with the Guernsey Association of Trustees (GAT) with the intent of reviewing and updating the FRR as applicable to full fiduciary licensees. Key reasons for the proposed new FRR rules are: 1) to enable Guernsey to meet...

The Commission is pleased to announce the appointment of two new Commissioners. Mr. John Aspden is a senior finance professional with significant experience in investment and banking supervision in both the public and private sectors. He was Chief Executive of the Financial Supervision Commission in the Isle of Man from 1998 to 2015, where he was responsible for the regulation and supervision of...

Beijing, People's Republic of China: The Director General of the Guernsey Financial Services Commission (GFSC), William Mason, and the Director General of the China Insurance Regulatory Commission CIRC), Mr Jiang Bo, have today signed a Memorandum of Understanding (MoU). The signing ceremony was also attended by Guernsey's Deputy Chief Minister, Deputy Lyndon Trott and the CIRC Vice-Chairman, Mr...

Mr Galliers was a director and shareholder of an insurance intermediary licensed under The Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002. Mr Galliers was convicted in March 2016 of 10 counts of fraud by abuse of position contrary to sections 1, 4 and 5 of The Fraud (Bailiwick of Guernsey) Law, 2009 and sentenced to 3 years imprisonment. On 10 March 2017 the...

The Guernsey Financial Services Commission has today issued feedback on comments received on its proposals to amend the Code of Conduct for Authorised Insurance Representatives (“the Code”). The Commission has also published the final version of the Code, which will come into effect on 1 April 2017 - this is available to read via the following link: Code of Conduct for Authorised Insurance...

The Commission would like to draw attention to the recent publication of HMT’s feedback report on its consultation on transposition of MIFID II. https://www.gov.uk/government/consultations/transposition-of-the-markets-in-financial-instruments-directive-ii In particular firms are asked to note the determination of the UK not to implement the branching requirement as outlined in Article 39 of the...

GUERNSEY FINANCIAL SERVICES COMMISSION ANNUAL FEES 2017 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 2017. If payment is received after the due date a late payment penalty fee will be applied in accordance with Regulation 2 of the Financial...