News

​ On the 1 January 2015, the Commission issued the Licensees (Conduct of Business) Rules, 2014 and the Insurance Intermediaries (Conduct of Business) Rules, 2014. The new rules were issued in order to implement the Guernsey Financial Advice Standards (“GFAS”). The new rules require advice on long term insurance business and controlled investments for retail clients to be given only by an...

​ The Financial Services Commission (Bailiwick of Guernsey) Law, 1987, as amended (“the Financial Services Commission Law”) The Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002, as amended (“the Insurance Managers and Insurance Intermediaries Law”) Guernsey Financial Consultants Limited (“GFC”)On 27 February 2015 the Guernsey Financial Services Commission (“the...

Designations made by HM Treasury for the purposes of the Terrorist Asset Freezing etc. Act 2010 are automatically effective for the purposes of the Terrorist Asset-Freezing (Bailiwick of Guernsey) Law, 2011, and such designations also cease to have effect automatically under the Law once they are no longer effective under the Act. The final designation in respect of HEZBOLLAH has been renewed. As...

On 11 February 2015, the Commission issued a formal consultation paper as part of the Revision of Laws project. The consultation paper includes proposals to amend and revise the Bailiwick's five principal financial regulatory laws: The Protection of Investors (Bailiwick of Guernsey) Law, 1987; The Banking Supervision (Bailiwick of Guernsey) Law, 1994; The Regulation of Fiduciaries, Administration...

​The legislation implementing sanctions in respect of the Cote d’Ivoire has been amended by a new consolidating Ordinance, the Cote d’Ivoire (Restrictive Measures) (Guernsey) Ordinance 2015. This Ordinance, which is effective from 23 February 2015, implements and updates measures in respect of the supply of assistance related to military activities and the freezing of funds and other economic...

HM Treasury has renewed the final designations of four individuals under the Terrorist Asset Freezing etc. Act 2010 (“the Act”) with effect from 23rd February 2015. The individuals, who are linked to the terrorist organisation HAMAS, are: Imad, Khalil, AL-ALAM Usma HAMDAN Dr, Musa, MARZOUK Khalid, MISHAAL Therefore the above named four individuals are Designated Persons for the purposes of the Act...

Council Regulation (EC) 314/2004, as implemented by the Zimbabwe (Freezing of Funds and Economic Resources) (Guernsey) Ordinance, 2004, the Zimbabwe (Freezing of Funds and Economic Resources) (Alderney) Ordinance, 2004 and the Zimbabwe (Freezing of Funds and Economic Resources) (Sark) Ordinance, 2004, has been amended by Council Implementing Regulation (EU) No 2015/275 with effect from 20 February...

​Council Regulation (EC) 881/2002, as implemented by the Al-Qaida (Restrictive Measures) (Guernsey) Ordinance, 2013, the Al-Qaida (Restrictive Measures) (Alderney) Ordinance, 2013 and the Al-Qaida (Restrictive Measures) (Sark) Ordinance, 2013, has been amended by Council Implementing Regulation (EU) No 2015/274 with effect from 20 February 2015. The Implementing Regulation is available here: http...

Council Regulation (EU) 267/2012, as implemented by the Iran (Restrictive Measures) (Guernsey) Ordinance, 2012, the Iran (Restrictive Measures) (Alderney) Ordinance, 2012, and the Iran (Restrictive Measures) (Sark) Ordinance, 2012, has been amended by Council Implementing Regulation (EU) No 2015/230 with effect from 14 February 2015. The Implementing Regulation is available here: http://eur-lex...