Investment

​ Second Consultation on the implementation of Guernsey Financial Advice Standards (“GFAS”) and changes to conduct of business rules and codes of conduct Background This is the second consultation paper to be issued by the Commission following a request by the Commerce and Employment Department (“C&E”) for the Commission to take appropriate steps to implement the new Guernsey Financial Advice...

​ The Commission has decided to remove in its entirety Rule 13 of the Licensees (Conduct of Business) Rules 2009, which required designated managers to provide an annual notification in respect of each authorised or registered collective investment scheme. Consequently, the Commission in exercise of the powers conferred on it by sections 12, 14, 15 and 16 of the Protection of Investors (Bailiwick...

Background Under Article 36 of AIFMD an EEA AIFM may market to professional investors, units or shares of non-EEA AIF so long as it ensures that one or more entities are appointed to carry out the depositary duties referred to in Article 21(7), (8) and (9) of AIFMD. The EEA AIFM shall not perform those functions. The Commission does not consider that Guernsey Depositaries need to opt in to comply...

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...

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.

​The Commission is today issuing Instruction Number M 01/2014 for Financial Services Businesses and Instruction Number M 01/2014 for Prescribed Businesses, copies of which can be accessed from the FC&A section of the Commission's website: Instruction M 01/2014 for Financial Services Businesses and Instruction M 01/2014 for Prescribed Businesses 3 June 2014

​ Following a request by the Commerce and Employment Department (“C&E”) the Commission released a consultation paper last September on the steps required to implement the new Guernsey Financial Advice Standards (“GFAS”). C&E had identified that the introduction of GFAS would protect and enhance Guernsey’s reputation as a leading International Financial Centre, provide better value service from...

The Commission notes ongoing public comment about EEA Life Settlements Fund PCC Limited (“the fund”), an authorised open-ended collective investment scheme regulated by the Commission. The Commission is aware that the fund was sold by intermediaries to retail investors. If the intermediary is not domiciled in Guernsey, investors may wish to contact the regulator in the intermediary’s jurisdiction...