News

Instruction (Number 11) for Financial Services Businesses and Instruction (Number 9) for Prescribed Businesses

6th December 2010
On 6 December the Commission issued: Instruction (Number 11) for Financial Services Businesses and Instruction (Number 9) for Prescribed Businesses. For repealed Instructions and Business from Sensitive Sources Notices, see the Business from Sensitive Sources & Instructions page of this website.

New Sanction Measures against Iran

26th November 2010
​The States of Guernsey has adopted new sanction measures against Iran. The new sanctions introduce additional categories or persons as being subject to asset freezing provisions. Financial services businesses and prescribed businesses will need to familiarise themselves with the new sanctions and check their records to ensure compliance. Further information on the sanctions and any notifications...

Christmas Opening Hours

25th November 2010
​The Commission have now announced the opening hours for this Christmas period, they are as follows: 24th of December closed from 12:30pm 29th and 30th of December business as usual 31st of December closed from 12:30pm 4th of January business as usual

The Retirement Annuity Trust Schemes Rules, 2010

9th November 2010
These Rules were the subject of a presentation by the Commission to the finance sector on 20 October 2010. They will come into force on 1 January 2011 and are available here. The Rules originated in a consultation exercise concluding in late 2009 on regulatory requirements applicable to insurance intermediaries, investment businesses and fiduciaries who provide services in relation to Retirement...

First regulatory summit for Crown Dependencies

13th October 2010
The financial regulators of Guernsey, Jersey and the Isle of Man have met at Gatwick to discuss matters of mutual interest at an inaugural Crown Dependencies’ Regulatory Summit.Among the agenda items was regulatory cooperation and liaison between the three islands’ regulators: the Guernsey Financial Services Commission, the Jersey Financial Services Commission, the Isle of Man Financial...

Equitable Life Assurance Society Update - October 2010

12th October 2010
​The Independent Commission on Equitable Life Payments (“ICELP”) The ICELP has been set up by the Government to recommend how best to fairly allocate funds provided for the Equitable Life Payments Scheme as part of the Autumn 2010 Spending Review to those persons found to have suffered relative losses as a result of accepted Government maladministration and advise on any groups or classes of...

Change to the Handbook for Legal Professionals, Accountants and Estate Agents on Countering Financial Crime and Terrorist Financing

5th October 2010
An amendment to Schedule 2 to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999 which relates to the business of auditors, external accountants, insolvency practitioners and tax advisers came into force on 4 October. Chapter 1 of the Handbook has been updated in light of this amendment. The current version of the Handbook along with a version showing changes highlighted in...

Registration of Auditors, External Accountants, Insolvency Practitioners and Tax Advisers

4th October 2010
From today all firms (including sole practitioners) providing accountancy, insolvency, auditing and tax advice services by way of business in the Bailiwick are required to register with the Commission for anti-money laundering and counter terrorist financing purposes unless they meet all four of the exemptions provided for in regulation 16 of the Criminal Justice (Proceeds of Crime) (Legal...

The Financial Services Commission (Administrative Financial Penalties) (Bailiwick of Guernsey) Regulations, 2010 (“The Regulations”)

20th September 2010
​As notified in a news item on 1 September 2010, the Regulations came into force on that date. Financial penalties payable under the Regulations accrue automatically. It is the responsibility of each regulated person to ensure that they have complied with their applicable filing responsibilities. Regulated persons who submit filings after the prescribed date are responsible for ensuring that...

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