General

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...

The consultation period for amendments to the Licensee (Conduct of Business) Rules has now ended and the new rules have now been published. A link to the Investment Legislation and Guidance page can be found here.

Announcement Strategy of the Investment Supervisory and Policy Division in respect of the Fund Sector During 2016 the Guernsey Financial Services Commission launched the Manager Led Product and the Private Investment Fund. This marked an intent by the Commission to respond to international challenges, servicing its mission statement of “Confidence in the Bailiwick: Securing good regulatory...

The Commission is today issuing a consultation paper on revisions to the Licensee (Conduct of Business) Rules Responses to the consultation which can be found via this link are sought by close of business on 29 December 2016.

The Commission is today issuing a consultation paper on revisions to the Code of Conduct for Authorised Insurance Representatives. The proposed Code clarifies the minimum standards expected to be met by an authorised insurance representative and takes into account current trading methodologies and rapidly changing and developing customer behaviours. Responses to the consultation which can be found...