News

Council Regulation (EU) 735/2015, as implemented in the Bailiwick by the South Sudan (Restrictive Measures) (Guernsey) Ordinance 2015, the South Sudan (Restrictive Measures) (Alderney) Ordinance 2016 and the South Sudan (Restrictive Measures) (Sark) Ordinance 2015, has been amended by Council Implementing Regulation (EU) 2019/1208. The Implementing Regulation, which is automatically and...

Council Regulation (EU) No 2017/1509, as implemented in the Bailiwick by the North Korea (Restrictive Measures) (Guernsey) Ordinance, 2017, the North Korea (Restrictive Measures) (Alderney) Ordinance, 2017, and the North Korea (Restrictive Measures) (Sark) Ordinance, 2017, has been amended by Council Implementing Regulation 2019/1207. The effect of the amendments, which are automatically and...

The Commission is today issuing Instruction No. 02/2019 for Specified Businesses, replacing and repealing Instruction No. 01/2019 for Specified Businesses issued on 1 April 2019. Changes since Instruction No. 01/2019 include the addition of Panama and the removal of Serbia. Further details in respect of these jurisdictions can be found within Part B of the Instruction. A copy of Instruction No. 02...

“GFiN – one year on” A reflection of the GFiN’s achievements and challenges since inception, and amibitions for the future The Guernsey Financial Services Commission is pleased to announce the publication of the Global Financial Innovation Network’s (“GFIN”) “One Year On” report. The GFiN is a network of international regulators and related organisations committed to supporting financial...

Financial Crime Risk Return 2019 The Financial Crime Risk Return for the reporting period 1 July 2018 to 30 June 2019 (the “2019 Return”) is available for completion on the Online Submissions Portal for all firms required to complete the 2019 Return. The submission deadline is 31 October 2019. There are no changes to the fields within the 2019 Return, however, please note that page 13 of the...

United Nations Security Council Resolution 1518, as implemented in the Bailiwick by the Iraq (United Nations Sanctions) Channel Islands Order 2000, has been amended. The effect of the amendments, which are automatically effective in the Bailiwick, is to remove 13 entities from the list of persons and entities subject to financial restrictions under Resolution 1518. Further details about the...

On 12 June 2019 the International Association of Insurance Supervisors (IAIS) approved the Detailed Assessment of Observance of IAIS Insurance Core Principles by the Bailiwick of Guernsey. The IAIS is one of the principal international standard setting bodies, to which the Bailiwick has a long standing commitment. The report follows an assessment of Guernsey against the Insurance Core Principles...

The Financial Services Commission (Bailiwick of Guernsey) Law, 1987 (the “Financial Services Commission Law”); The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 (the “Fiduciaries Law”); The Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulations, 2007 (the “Regulations”); The...

In enforcement cases, the Commission can seek to impose prohibitions on individuals to prevent them from continuing to work in the industry. Often, such prohibitions have been time-limited, although the Commission could also issue lifetime prohibitions where the circumstances warranted such an approach. In a recent enforcement case, however, the sanctions imposed on the respondent by one of the...