General

The Financial Services Commission (Bailiwick of Guernsey) Law, 1987 as amended ("the Financial Services Commission Law") The Regulation of Fiduciaries, Administration Businesses and Company Directors etc (Bailiwick of Guernsey) Law 2000 (“the Fiduciaries Law”) The Protection of Investors (Bailiwick of Guernsey) Law, 1987 The Banking Supervision (Bailiwick of Guernsey) Law, 1994 The Insurance...

The Private Investment Fund Summary The Guernsey Financial Services Commission is today launching its regime for Private Investment Funds. This concludes its evaluation of the responses to the consultation process. The Commission is very grateful to all who responded and will be writing in due course to all who did so. The Applications Process The duration of the applications process would be one...

The Commission has confirmed that it will apply a blended rate increase of 2%, including anomalies, to the fees charged to licensees effective from 1st January 2017. There will also be a change to the fee structure for the insurance sector. Last year, the Commission agreed to work with representatives of the Guernsey International Insurance Association (GIIA) to determine whether an alternative...

The Commission today publishes a Discussion Paper ('DP') outlining a potential approach for modernising the supervisory framework for the provision of private pensions. This follows discussions with the States of Guernsey The DP has been developed with the input of a working group comprising representatives from stakeholders across the public and private sectors in particular members of both the...

The Commission is today issuing a consultation paper on proposed rules for Special Purpose Insurers. These rules will serve to codify the Commission’s existing practice in relation to Insurance Linked Securities and, in particular, entities conducting collateralised reinsurance. Responses to the consultation which can be found via this link are sought by Friday 11 November 2016.

The Guernsey Financial Services Commission is consulting on proposals to introduce a regime for private investment funds. Background This consultation is the evolution of discussions held by the Investment Supervision and Policy Division and industry, commencing with the Manager-Led Product. These discussions acknowledged a gap in the current suite of investment products within the Bailiwick...

Investment Audited Financial Statements (Funds) – Return Form 143 Investment Audited Financial Statements (Non-Guernsey Schemes) Return 143 should be completed by all licensees for whom it appears on their Online Submissions Timeline. Online Submission Form 200 should be used by licensees responsible for submitting Non-Guernsey Scheme accounts to the Commission until such time as a dedicated...

The Commission has today issued an FAQ for legal professionals as a result of the recent changes to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999. The FAQ has been created to assist legal professionals in determining whether or not a particular service they offer is within the scope of the Criminal Justice (Proceeds of Crime) (Legal Professionals, Accountants and...

The Commission wishes to remind all financial services and prescribed businesses, together with personal fiduciary licence holders, that the Financial Crime Risk Return is due for submission by 31 October 2016. The Return can be found through the Commission’s Online Submissions Portal, located here: https://submit.gfsc.gg/ Further information on the background to the Return, as well as guidance on...