News

​Ukraine Please be advised of the following changes to sanctions listings relating to the territorial integrity etc. of Ukraine, which have immediate effect in the Bailiwick. Council Regulation (EU) No 269/2014 of 17 March 2014, as implemented in the Bailiwick by the Territorial Integrity etc. (Ukraine) (Restrictive Measures) (Guernsey) Ordinance, 2014, the Territorial Integrity etc. (Ukraine)...

Background Under Article 36 of AIFMD an EEA AIFM may market to professional investors, units or shares of non-EEA AIF so long as it ensures that one or more entities are appointed to carry out the depositary duties referred to in Article 21(7), (8) and (9) of AIFMD. The EEA AIFM shall not perform those functions. The Commission does not consider that Guernsey Depositaries need to opt in to comply...

​ The Commission has decided to remove in its entirety Rule 13 of the Licensees (Conduct of Business) Rules 2009, which required designated managers to provide an annual notification in respect of each authorised or registered collective investment scheme. Consequently, the Commission in exercise of the powers conferred on it by sections 12, 14, 15 and 16 of the Protection of Investors (Bailiwick...

Crimea and Sevastopol In response to the annexation of Crimea and Sevastopol to the Russian Federation, the European Union has enacted Council Regulation (EU) No 692/2014 of 23rd June 2014. The EU Regulation has been implemented in Guernsey by the Crimea and Sevastopol (Restrictive Measures) (Guernsey) Ordinance which is in force from 10th July 2014. Its effect is to prohibit the importation of...

​Belarus Please be advised that Council Regulation (EC) 765/2006 of 18 May 2006, as implemented in the Bailiwick by the Belarus (Freezing of Funds) (Guernsey) Ordinance, 2006, the Belarus (Freezing of Funds) (Alderney) Ordinance, 2006 and the Belarus (Freezing of Funds) (Sark) Ordinance, 2006 has been amended by Commission Implementing Regulation (EU) 740/2014. The effect of the amendments is: The...

The Commission is today issuing Instruction (Number 02/2014) for Financial Services Businesses and Prescribed Businesses, copies of which can be accessed on the FC&A Section of the Commission's website. The log of Business from Sensitive Sources & Notices document has been updated to enable identification of the changes applied. Instruction (Number 02/2014) for Financial Services Businesses...

​ Investment Funds The net asset value of total funds under management and administration has decreased in Sterling terms over the quarter ended 31 March 2014 by £1.8billion (-0.6%) to £264.2 billion. For the year since 31 March 2013, total net asset values decreased by £32.3billion (-10.9%) . Within these totals Guernsey domiciled open-ended funds increased by £0.9billion (2.2%) over the quarter...

​The Commission wishes to draw licensees’ attention to the current military action in Iraq and the associated funding of the extremist insurgency group, Islamic State in Iraq and the Levant (“ISIS”). Reports indicate that in addition to private donations and traditional criminal activity in that region such as robbery and extortion, ISIS has been funding itself through oil trading and the...

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