News

The Commission notes ongoing public comment about EEA Life Settlements Fund PCC Limited (“the fund”), an authorised open-ended collective investment scheme regulated by the Commission. The Commission is aware that the fund was sold by intermediaries to retail investors. If the intermediary is not domiciled in Guernsey, investors may wish to contact the regulator in the intermediary’s jurisdiction...

It was brought to the Commission's attention that during 2010 and early 2011, Mr Silvain had been working at financial services businesses in Guernsey. It is believed that he has now left the Island. Mr Silvain is known to be associated with the BVI registered company, Efaze Limited, registration number 1065831. Efaze Limited is not licensed, registered or in any way authorised to conduct any...

The Commission is aware that at least one local law firm has received email correspondence which seeks representation on a legal matter as a front for the perpetration of a fraud against the firm. The activities requested to be undertaken by the legal firm potentially involve the laundering of stolen cheques through the transfer of funds to overseas bank accounts and/or fraud against the firm...

​ In 2012 the Bailiwick of Guernsey together with the other Crown dependencies joined MONEYVAL. Who is MONEYVAL? MONEYVAL is a monitoring body of the Council of Europe. It is entrusted with assessing compliance with the principal international standards to counter money laundering and the financing of terrorism and the effectiveness of their implementation. It also makes recommendations to...

​ For a number of years the Commission has been in a position to fast track the authorisation of Qualifying Investor Funds (“QIFs”) and the registration of Registered Collective Investment Schemes by placing reliance on the warranties provided by designated managers. The Commission considers that a similar approach can be taken in respect of the approval of investment compartments (i.e. sub-funds...

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 Intermediaries Law”) The Protection of Investors (Bailiwick of Guernsey) Law 1987 (the “Protection of Investors Law”) The Guernsey Financial Services...

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 Intermediaries Law") The Protection of Investors (Bailiwick of Guernsey) Law 1987 (the "Protection of Investors Law") The Guernsey Financial Services...

​ Background During September 2013 the Commission released the second part of the two planned consultations to facilitate the requirements of the European Union’s Alternative Investment Fund Managers (“the Directive or "AIFMD”) into the local regulatory regime, so as to enable regulated entities flexibility in their product strategy with respect to fund management and marketing business within the...

​The Commission is aware that some individuals working at local financial services businesses have received email correspondence which invites them to apply for a position of employment. The activities of the entity making the offer may involve the laundering of criminal proceeds. The common characteristics of this approach are as follows: An email is sent allegedly from a company offering a...