General

On 27 June the Commission issued: Instruction (Number 19) for Financial Services Businesses and Instruction (Number 17) for Prescribed Businesses For other Instructions and repealed Business from Sensitive Sources, see Instructions page on this website.

​The Guernsey Financial Services Commission is changing its internal structure to bring supervision and policy functions together thereby helping to increase the Commission’s effectiveness. Some senior personnel will change roles to facilitate the changes, which are designed to be cost neutral. Specifically, the Banking and Insurance Divisions will merge to form a new Division to undertake both...

​ Earlier this year the Investment Business Division posted on the Commission’s website The AIFMD (Marketing) Rules, 2013 (“the Rules”) for consultation. The Rules , which have been approved by the Commissioners, and the Form AIFM have, today, been placed on the Commission’s website with an effective date of 22 July 2013. The Rules have been introduced to ensure that collective investment schemes...

​ The Commission has undertaken a review of the forms required for fast track fund applications in respect of Non-Guernsey Schemes, Qualifying Investor Funds and Registered Collective Investment Schemes. The Commission has amended the application forms to ensure that the information requested is consistent where applicable. Furthermore, the Commission has inserted additional questions in areas...

​ The Guernsey Financial Services Commission is pleased to announce that William Mason will be appointed the Director General upon Nik van Leuven’s retirement. William Mason will join the Commission from the position of Head of Risk at the Central Bank of Ireland, where he has led the development and implementation of its PRISM supervisory methodology. Most recently he has been working with the...

A copy of the presentations from the conference on Guernsey foundations can be accessed by clicking here .

On 27 February 2013 the States of Guernsey approved the Control of Borrowing (Repeal) (Bailiwick of Guernsey) Ordinance, 2013. This Ordinance repeals the remaining provisions of the Control of Borrowing (Bailiwick of Guernsey) Ordinance, 1959. Accordingly, requests for consent under the 1959 Ordinance are no longer necessary and should not be made to the Commission.

The Commission has issued a letter to all Money Laundering Reporting Officers today regarding fraud warning versus southern Africa customers and Far East/China banks. More information can be found here .

As a result of The Foundations (Guernsey) Law, 2012 (“the Foundations Law”) coming into effect on 8 January 2013 and also The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) (Foundations Amendment) Regulations, 2012 (“the Foundation Amendment Regulations”) being made on 14 January 2013, various amendments in respect of Foundations related...