Registered Business

The Commission today launches a consultation paper on proposals for increasing the licence fees paid by firms. The consultation period will close on Wednesday 8 September. The Commission’s consultation paper is available here. Feedback may be provided via the Consultation Hub section of the Commission’s website: https://consultationhub.gfsc.gg Taking into account the Commission’s current and...

The Commission has today issued amendments to the country lists in Appendix C and Appendix I of the Handbook on Countering Financial Crime and Terrorist Financing reflecting the Financial Action Task Force’s updated list of jurisdictions under increased monitoring, which includes Malta, Haiti, the Philippines and South Sudan. The amendments include the removal of Malta from the list of equivalent...

The Commission has implemented The Companies (Incorporated Cell Companies) (Prescribed Classes) Regulations, 2021. Previously, under the Companies (Guernsey) Law, 2008 a non-financial services business wishing to be incorporated as an Incorporated Cell Company (ICC), was required to be administered by a licensed person. The new regulations remove this requirement where the ICC is to be a non...

The Commission has today published the amended Finance Sector Code of Corporate Governance which asks Boards to consider the impact of climate change on their strategy and risk profile and, where they judge it appropriate, make climate change related disclosures. A copy of the new Code can be found here. This amendment was consulted on as part of the Commission’s Spring Green Consultation, issued...

The Commission has today published its 2020 annual report and financial statements. Talking about the report, the Commission’s Director General, William Mason noted that: “ Last year, in common with the rest of the world, the Bailiwick had to deal with the effects of the global pandemic. During that period, the Commission faced a number of additional challenges as did our licensees. I was...

The Commission is aware that there has been a recent increase in phishing attempts targeting local businesses. Firms are reminded of the guidance available to them in the Commission’s Cyber Rules and Guidance, 2021 and in particular the need to ensure the Firm: has appropriate cyber security software in place; implements IT systems updates in a timely manner; and its staff exercise caution and...

The Commission has today published a Spring Green Consultation Paper - please click here and its Thematic Review of the Guernsey Green Fund Regime - please click here. Both documents underline the Bailiwick’s ongoing commitment to this important area. The Spring Green Consultation Paper proposes an addition to the Finance Sector Code of Corporate Governance, to take specific account of climate...

The Commission is today stating that late filing fees will not be applied in respect of all regulatory returns that are due to be submitted between now and the end of June provided they are submitted within two months of the original deadline. Although the timelines on the Commission’s Online returns portal for returns will not be altered so the original dates will still show, the Commission will...

The Commission confirms that with effect from Monday 25 January 2021, the vast majority of its staff will be home working. The Commission’s Authorisations team remains open for business. The switchboard will continue to operate during normal office hours and callers will be asked by the receptionist to provide their contact details in order that a member of staff can call or email them back. Firms...