General

Please be advised of the following change to sanctions listings related to Iran and to terrorist financing, which have immediate effect in the Bailiwick. Measures which should be taken as a result are set out at the end of this notice. IRAN On 3 July 2014 the General Court of the European Union annulled the decision to include certain individuals and entities on the list of persons and entities...

​ Background During July 2014 the Commission released its second consultation on the proposed revisions to the regulatory regime on the implementation of the new Guernsey Financial Advice Standards (“GFAS”). The implementation of GFAS will increase professional standards, make adviser charging more transparent and reduce potential conflicts of interest. In turn this will contribute to the...

​Please be advised that there have been a number of developments in relation to the Bailiwick’s sanctions regime, which are set out below. These developments concern sanctions relating to the Al-Qaida network, Belarus, the Federal Republic of Yugoslavia and Serbia, and the Russian Federation. Measures which should be taken as a result are set out at the end of this notice. AL–QAIDA NETWORK Council...

​The Financial Services Commission (Bailiwick of Guernsey) Law, 1987 as amended ("the Financial Services Commission Law") The Banking Supervision (Bailiwick of Guernsey) Law, 1994 as amended The Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulations, 2007 as amended ("the Regulations") The Handbook for Financial Services Businesses on Countering...

Please be advised of changes to sanctions listings related to Libya, Somalia and Syria which have automatic and immediate effect in the Bailiwick. Measures which should be taken as a result are set out at the end of this notice. LIBYA Council Regulation (EU) No. 204/2011 of 2 March 2011, as implemented in the Bailiwick by the Libya (Restrictive Measures) (Guernsey) Ordinance, 2011, the Libya...

The Group of International Finance Centre Supervisors (“GIFCS”) has today launched a new benchmark for the regulation of Trust and Corporate Service Providers (“TCSPs”). Guernsey has been a champion of this new approach which has seen the GIFCS working group which developed the new standard being chaired by the Commission’s General Counsel, Philip Nicol-Gent. Mr Nicol-Gent said “This is an...

​Please be advised of the following changes to sanctions listings related to the Al-Qaida network which have immediate effect in the Bailiwick. Further to the Sanctions Notice issued on 24th September 2014 about United Nations listings for 14 individuals and 2 entities associated with extremist groups in Iraq and Syria, these individuals and entities have now been added to the list maintained by...

The Commission is today issuing Instruction Number 05/2014 for Financial Services Businesses and Prescribed Businesses, copies of which can be accessed on the FC&A section of the Commission’s website: Instruction No. 05/2014 for Financial Services Businesses and Instruction No. 05/2014 for Prescribed Businesses 7 October 2014

Jon Moulton is the sole director of the former Channel Islands Stock Exchange (CISX) which is now in liquidation. He has asked us to point out that, contrary to the impression he believes may have been created by our announcement yesterday, he has not been subject to the Investigation into the CISX. We are happy to so confirm.