General

Crimea and Sevastopol In response to the annexation of Crimea and Sevastopol to the Russian Federation, the European Union has enacted Council Regulation (EU) No 692/2014 of 23rd June 2014. The EU Regulation has been implemented in Guernsey by the Crimea and Sevastopol (Restrictive Measures) (Guernsey) Ordinance which is in force from 10th July 2014. Its effect is to prohibit the importation of...

The Commission is today issuing Instruction (Number 02/2014) for Financial Services Businesses and Prescribed Businesses, copies of which can be accessed on the FC&A Section of the Commission's website. The log of Business from Sensitive Sources & Notices document has been updated to enable identification of the changes applied. Instruction (Number 02/2014) for Financial Services Businesses...

​ Investment Funds The net asset value of total funds under management and administration has decreased in Sterling terms over the quarter ended 31 March 2014 by £1.8billion (-0.6%) to £264.2 billion. For the year since 31 March 2013, total net asset values decreased by £32.3billion (-10.9%) . Within these totals Guernsey domiciled open-ended funds increased by £0.9billion (2.2%) over the quarter...

​The Commission wishes to draw licensees’ attention to the current military action in Iraq and the associated funding of the extremist insurgency group, Islamic State in Iraq and the Levant (“ISIS”). Reports indicate that in addition to private donations and traditional criminal activity in that region such as robbery and extortion, ISIS has been funding itself through oil trading and the...

The Financial Services Commission (Bailiwick of Guernsey) Law, 1987, as amended (“the Financial Services Commission Law”) The Regulation of Fiduciaries, Administration Businesses, Company Directors, etc (Bailiwick of Guernsey) Law, 2000, as amended (“the Fiduciaries Law”) The Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulations, 2007 (“the...

​Please be advised that Council Regulation (EC) 881/2002 imposing financial sanctions against certain persons and entities associated with the Al-Qaida network and implemented in the Bailiwick by the Al-Qaida (Restrictive Measures) (Guernsey) Ordinance, 2013, Al-Qaida (Restrictive Measures) (Alderney ) Ordinance, 2013 and the Al-Qaida (Restrictive Measures) (Sark) Ordinance, 2013, has been amended...

A Thematic Report on Sales Practices within the Long-term Insurance and Investment intermediary Sector of the Bailiwick of Guernsey is now available on both the Insurance and the Investment Thematics pages of the Commission's website. The report should be read by anyone who provides investment or long-term insurance advice to retail customers.

Please be advised that Council Regulation (EC) 881/2002 imposing financial sanctions against certain persons and entities associated with the Al-Qaida network and implemented in the Bailiwick by the Al-Qaida (Restrictive Measures) (Guernsey) Ordinance, 2013, Al-Qaida (Restrictive Measures) (Alderney ) Ordinance, 2013 and the Al-Qaida (Restrictive Measures) (Sark) Ordinance, 2013, has been amended...

The Commission has today announced changes to its Financial Crime Division. It was created in July of last year and Samantha Sheen was appointed as Head of the Division. The Commission’s Director General, William Mason, explained the changes. “ The Division is now regarded as a front line unit of equivalent status to the Commission’s other supervision and policy divisions. We have therefore...