Investment

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

The Financial Services Commission (Bailiwick of Guernsey) Law, 1987, as amended ("The Financial Services Commission Law"), The Channel Islands Stock Exchange, LBG. 1. The Guernsey Financial Services Commission (the “Commission”) is established pursuant to the terms of the Financial Services Commission (Bailiwick of Guernsey) Law, 1987 and its functions include the supervision of financial services...

​The regulatory laws provide that a licence or registration application shall contain or be accompanied by such other information or documents as the Commission may reasonably require, for the purpose of determining the application. Business Risk Assessments (“BRAs”) The Financial Action Task Force (“FATF”) 2012 Recommendations (“the Recommendations”) place even greater emphasis on the importance...

​The Commission is today issuing Instruction (Number 04/2014) for both financial services businesses and prescribed businesses. The instruction has been issued as a result of amendments made to the legislation surrounding the reporting of suspicion. The existing Handbooks are in the course of being reviewed and therefore to minimise the impact, and to avoid reprinting the full Handbook while the...

​ What are the reporting requirements under The AIFMD Rules, 2013? Guernsey Depositaries, Non-Financial Asset AIF Depositaries and Guernsey AIFMs which have opted in to comply with The AIFMD Rules, 2013 are required to submit reports to the Commission. The various reporting requirements are set out in The AIFMD Rules, 2013 in Section 17 – Depositary and Section 19 - Reporting obligations to the...

​The Commission is today issuing Instruction 03/2014 for both financial services businesses and prescribed businesses. The instruction has been issued as a result of amendments made to the sanctions measures against Afghanistan and Al-Qaida to impose a reporting requirement on businesses. The existing Handbooks are in the course of being reviewed and therefore to minimise the impact, and to avoid...

​ 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...