General

On the 26th day of September 2023, the Commission imposed a discretionary financial penalty as follows: Mrs Linda Dowding (“Mrs Dowding”) a financial penalty of £40,000. Further, on the above date, the Commission imposed a prohibition as follows: Mrs Dowding is prohibited from holding the position of shareholder, controller, director, partner, manager, money laundering reporting officer and money...

The Commission has today issued in final form guidance for registered directors on their anti-money laundering and counter terrorist financing obligations. No changes have been made to the text from the draft guidance issued on 9 August 2023. Registered directors are remined that the AML/CFT obligations upon them, which are contained in Schedule 3 of the Criminal Justice (Proceeds of Crime) (...

On Monday 25 September and Tuesday 26 September the Commission delivered six presentations regarding the findings from its thematic reviews of Business Risk Assessments and Politically Exposed Persons published on 15 December 2022 and 27 July 2023 respectively. Over 400 people attended the six sessions which spanned two days. The slides from the presentations are available for review here.

In July, the Commission launched a director registration regime for individuals holding certain categories of directorships and the Commission wishes to remind individuals who qualify for registration that they have until 1 October 2023 to register. Details on the regime including an explanation of who should register, the application process for registering and the regulatory obligations on...

Further to the launch of a director registration regime for individuals holding certain categories of directorships, the Commission wishes to remind individuals who qualify for registration that they have until 1 October 2023 to register. Amendments made to the Criminal Justice (Proceeds of Crime) Law, 1999 and an amendment to the Regulations of Fiduciaries, Administration Businesses and Company...

Guernsey Funds The total net asset value of Guernsey funds at the end of the quarter was £286.0 billion, a decrease over the quarter of £2.7 billion (-0.9%). Over the past year, total net asset values have decreased by £16.8 billon (-5.5%). Open-ended Schemes Within these totals, Guernsey domiciled open-ended funds decreased over the quarter by £1.0 billion (-2.1%) to £48.9 billion. This...

On 22 August 2023, the Guernsey Court of Appeal handed down its judgment in the case of John Adam Robilliard and the Chairman of the Guernsey Financial Services Commission. The Guernsey Court of Appeal heard an appeal brought by Mr Robilliard against a decision of the Deputy Bailiff in the Royal Court who had dismissed Mr Robilliard’s previous appeal against a decision of one of the Commission’s...

The Financial Services Com mission (Bailiwi ck of Guernsey) Law, 1987 (the “ Financial Services Commission Law”) The Regulation of Fiduciaries, Administration Business and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 (the “ Fiduciaries Law”) The Protection of Inve stors (Bailiwick of Guernsey) Law, 1987 (the “POI Law”) The Insurance Managers and Insurance Intermediaries (Bailiwick of...

The Financial Services Commission (Bailiwick of Guernsey) Law, 1987 (the “Financial Services Commission Law”) The Regulation of Fiduciaries, Administration Business and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 (the “Fiduciaries Law”) The Protection of Investors (Bailiwick of Guernsey) Law, 1987 (the “POI Law”) The Insurance Managers and Insurance Intermediaries (Bailiwick of...