News

In January 2016, the States of Deliberation (the States) agreed to increase the maximum level of financial penalties available to the Commission which can be applied in cases where there have been serious breaches of the regulatory laws. Subsequently, in March 2016, the States approved the necessary legislation (Projet de Loi) to give effect to the proposals. The Commission has been informed that...

Council Regulation (EU) No 747/2014, as implemented in the Bailiwick by the Sudan (Restrictive Measures) (Guernsey) Ordinance, 2014, the Sudan (Restrictive Measures) (Alderney) Ordinance, 2014 and the Sudan (Restrictive Measures) (Sark) Ordinance, 2014, has been amended by Council Implementing Regulation (EU) 2017/1942. The Implementing Regulation is available here: Council Implementing Regulation...

Mali (Restrictive Measures) (Guernsey) Ordinance, 2017 The Mali (Restrictive Measures) (Guernsey) Ordinance, 2017 has been made to give effect to Council Regulation (EU) 2017/1770 concerning restrictive measures in relation to Mali. The effect of the Regulation is to freeze the funds and economic resources of listed persons responsible for or complicit in actions or policies that threaten the...

The Commission has confirmed that it will apply an increase of 3% across all sectors for 2018, not including anomalies. Anomalies include a flat fee of £2,000 for change of controller applications which will be introduced under the Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law 2002, and the Protection of Investors (Bailiwick of Guernsey) Law, 1987. A similar fee will...

The Guernsey Financial Services Commission consulted on proposals to introduce changes to the FRR rules for full fiduciary licensees (“FFLs”). The consultation, which closed on 19 June 2017, generated a number of substantive responses, for which the Commission is grateful. The Commission is giving careful consideration to the views and opinions expressed by respondents and further discussions will...

The Commission has today published updated guidance on its Decision Making Process which is used in instances where the Commission proposes the imposition of an enforcement measure or sanction. The revised guidance is aimed at further streamlining the process whilst maintaining the open and transparent approach which has always been a key feature of the guidance. The updated guidance can be found...

Council Regulation (EC) No 36/2012, as implemented by the Syria (Restrictive Measures) (Guernsey) Ordinance, 2012, the Syria (Restrictive Measures) (Alderney) Ordinance, 2012 and the Syria (Restrictive Measures) (Sark) Ordinance, 2012, has been amended by Council Implementing Regulation (EU) No 2017/1751. The Implementing Regulation is available here: http://eur-lex.europa.eu/legal-content/EN/TXT/...

Last week, Startup Guernsey hosted Guernsey's first Data Conference to explore how big data and its management is changing the world as well as what it means for the future of local businesses in Guernsey. The conference was sponsored by the States of Guernsey, PwC, JT and Bedell Cristin. The Commission’s Director General, William Mason, was the key note speaker at the conference. Other speakers...

This morning the Policy & Resources Committee approved “The Investor Protection (Designated Countries and Territories) (Bailiwick of Guernsey) Regulations, 2017” (“the regulations”). The regulations are in force from today. These regulations designate certain countries and territories for the purposes of s29(1)(cc) of the Protection of Investors (Bailiwick of Guernsey) Law 1987. The effect of this...