General

Please be advised that there have been some developments to the Bailiwick’s sanctions regime in relation to Somalia, which are set out below. Measures which should be taken as a result are set out at the end of this notice. Council Regulation (EU) 356/2010, as implemented by the Somalia (Restrictive Measures) (Guernsey) Ordinance, 2012, the Somalia (Restrictive Measures) (Alderney) Ordinance, 2012...

Please be advised of an amendment to the sanctions regime in relation to the Central African Republic, which is set out below. Measures which should be taken as a result are set out at the end of this notice. Council Regulation (EU) 224/2014, as implemented by the Central African Republic (Restrictive Measures) (Guernsey) Ordinance, 2014, the Central African Republic (Restrictive Measures)...

Council Regulation (EU) 208/2014, as implemented by the Ukraine (Restrictive Measures) (Guernsey) Ordinance, 2014, the Ukraine (Restrictive Measures) (Alderney) Ordinance, 2014 and the Ukraine (Restrictive Measures) (Sark) Ordinance, 2014, has been amended by Council Implementing Regulation (EU) No 2015/357. The amendments, which are automatically effective in the Bailiwick, extend sanctions in...

​ The Commission recently consulted on a proposal that The Registered Collective Investment Scheme Rules 2008 be repealed and replaced by The Registered Collective Investment Schemes Rules 2015 (“the 2015 Rules”). In the 2015 Rules the Commission had removed references to the prohibition on direct offering of registered schemes to the public in Guernsey and also corrected various typographical...

​ The Financial Services Commission (Bailiwick of Guernsey) Law, 1987, as amended (“the Financial Services Commission Law”) The Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002, as amended (“the Insurance Managers and Insurance Intermediaries Law”) Guernsey Financial Consultants Limited (“GFC”) On 27 February 2015 the Guernsey Financial Services Commission (“the...

​ On the 1 January 2015, the Commission issued the Licensees (Conduct of Business) Rules, 2014 and the Insurance Intermediaries (Conduct of Business) Rules, 2014. The new rules were issued in order to implement the Guernsey Financial Advice Standards (“GFAS”). The new rules require advice on long term insurance business and controlled investments for retail clients to be given only by an...

Designations made by HM Treasury for the purposes of the Terrorist Asset Freezing etc. Act 2010 are automatically effective for the purposes of the Terrorist Asset-Freezing (Bailiwick of Guernsey) Law, 2011, and such designations also cease to have effect automatically under the Law once they are no longer effective under the Act. The final designation in respect of HEZBOLLAH has been renewed. As...

HM Treasury has renewed the final designations of four individuals under the Terrorist Asset Freezing etc. Act 2010 (“the Act”) with effect from 23rd February 2015. The individuals, who are linked to the terrorist organisation HAMAS, are: Imad, Khalil, AL-ALAM Usma HAMDAN Dr, Musa, MARZOUK Khalid, MISHAAL Therefore the above named four individuals are Designated Persons for the purposes of the Act...

On 11 February 2015, the Commission issued a formal consultation paper as part of the Revision of Laws project. The consultation paper includes proposals to amend and revise the Bailiwick's five principal financial regulatory laws: The Protection of Investors (Bailiwick of Guernsey) Law, 1987 ; The Banking Supervision (Bailiwick of Guernsey) Law, 1994 ; The Regulation of Fiduciaries...