Investment

In its efforts to provide greater regulatory clarity for industry, the Commission has today published new guidance aimed at providing additional clarification about Designated Custodians’ duties. This guidance sets out the standards of conduct that are expected of Designated Custodians when they act for Open-Ended Collective Investment Schemes and where the assets are held indirectly, for example...

Third Quarter 2020 Guernsey Funds The total net asset value of Guernsey funds has increased in Sterling terms during the last quarter by £9.3 billion (4.1%) to £236.1 billion. Over the past year, total net asset values have increased by £7.7 billon (3.4%). Open-ended Schemes Within these totals, Guernsey domiciled open-ended funds increased over the quarter by £0.2 billion (0.4%) to £48.0 billion...

Licensees and registrants are advised that the Commission is changing the way it distributes its annual license fee invoices, commencing with the 2021 annual fees which are due to be sent out next month. Generic email addresses for all regulated and registered entities have been prepared which will be used to send out the annual fee invoices for 2021. If you wish to check which email address the...

Second Quarter 2020 Guernsey Funds The total net asset value of Guernsey funds has decreased in Sterling terms during the last quarter by £6.4 billion (-2.7%) to £226.8 billion. Over the past year, total net asset values have decreased by £0.9 billon (-0.4%). Open-ended Schemes Within these totals, Guernsey domiciled open-ended funds increased over the quarter by £3.1 billion (6.8%) to £47.8...

The Guernsey Financial Services Commission has issued today a Consultation Paper seeking views from interested parties on a proposed Guidance Note for Custodians of open-ended collective investment schemes made under the Protection of Investors (Bailiwick of Guernsey) Law, 1987 (the “PoI Law”). A copy of the Consultation Paper and the Draft Guidance can be found here: https://www.gfsc.gg...

The Guernsey Financial Services Commission has issued today two discussion papers seeking views from interested parties on proposals concerning rules to be made following the States of Deliberation’s approval of the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (the "2020 Fiduciaries Law") and the Protection of Investors...

The Commission today launches a consultation paper on proposals for increasing the licence fees paid by firms (please click here for a copy of the consultation paper). The consultation period will close on Tuesday 15 September. The proposals are for an increase of 2.1% across all sectors, based upon Guernsey’s RPI, together with the introduction of a modest fee for fast track applications of £500...

The Guernsey Financial Services Commission has issued today a discussion paper making proposals aimed at ensuring that the Guernsey funds framework remains fit for purpose while helping to create opportunities for growth. Amongst other proposals to increase efficiency and clarity, the discussion paper proposes widening the formation options for Private Investment Funds. Commenting on the...

The COVID 19 pandemic resulted in many licensees being unable to operate in their usual office environments. Entering Phase 5, a return to normal activity in the Bailiwick, has seen many licensees return to their offices but we are conscious that adoption of home working has accelerated. Information security risks can increase with home working and therefore we are highlighting a non-exhaustive...