News

Please be advised that there have been a number of developments in relation to the Bailiwick’s sanctions regime, which are set out below. These developments concern sanctions relating to the Al-Qaida network and terrorist asset freezing measures. Measures which should be taken as a result are set out at the end of this notice. AL–QAIDA NETWORK Council Regulation (EC) No 881/2002 of 27 May 2002, as...

​Date of prohibition order, law under which made and prohibited functions: The Protection of Investors (Bailiwick of Guernsey) Law, 1987 from 3 December 2014: any function in relation to controlled investment business carried on by an entity licensed under the Protection of Investors Law. The Banking Supervision (Bailiwick of Guernsey) Law, 1994 from 3 December 2014: any function in relation to a...

Date of prohibition order, law under which made and prohibited functions: The Protection of Investors (Bailiwick of Guernsey) Law, 1987 from 3 December 2014: any function in relation to controlled investment business carried on by an entity licensed under the Protection of Investors Law. The Insurance Business (Bailiwick of Guernsey) Law, 2002 from 3 December 2014: the functions of controller...

​ As part of the implementation of the Guernsey Financial Advice Standards the Licensees (Conduct of Business) Rules 2009 will be repealed on 1 January 2015. They will be replaced by the Licensees (Conduct of Business) Rules 2014 which will be effective from 1 January 2015. A blacklined document showing the changes between the 2009 and 2014 Rules can be found below. Blacklined Licensees (Conduct...

Article 36 of AIFMD provides that EEA Member States may allow an authorised EEA AIFM to market to professional investors, units or shares of a non-EEA AIF in their territory. This marketing is subject to a number of restrictions including amongst other things, a requirement that the AIFM ensures that one or more entities are appointed to carry out the duties referred to in Article 21(7)...

The Commission is today issuing Instruction Number 06/2014 for Financial Services Businesses and Prescribed Businesses replacing Instruction No. 02/2014 issued on 9 July 2014. Libya has been removed from Part C which is the list of countries and territories of concern to the Commission. This means that financial services businesses and prescribed businesses may apply a risk based approach to...

Please be advised of the following change to sanctions listings related to Iran and to terrorist financing, which have immediate effect in the Bailiwick. Measures which should be taken as a result are set out at the end of this notice. IRAN On 3 July 2014 the General Court of the European Union annulled the decision to include certain individuals and entities on the list of persons and entities...

​ Background During July 2014 the Commission released its second consultation on the proposed revisions to the regulatory regime on the implementation of the new Guernsey Financial Advice Standards (“GFAS”). The implementation of GFAS will increase professional standards, make adviser charging more transparent and reduce potential conflicts of interest. In turn this will contribute to the...

​Please be advised that there have been a number of developments in relation to the Bailiwick’s sanctions regime, which are set out below. These developments concern sanctions relating to the Al-Qaida network, Belarus, the Federal Republic of Yugoslavia and Serbia, and the Russian Federation. Measures which should be taken as a result are set out at the end of this notice. AL–QAIDA NETWORK Council...