News

PRESS RELEASE The Commission is pleased to announce that it has been working closely with Lloyd’s to identify an appropriate structure which will facilitate the growth of Lloyd’s business in Guernsey. To this end, new regulations were approved by the States of Guernsey on 3 November and signed by the Commission’s Chairman on 7 November. The new framework will allow Lloyd’s syndicates to establish...

​Background Following initial discussions with the UK Financial Services Authority (“FSA”) and HM Treasury in 2006 the Investment Business Division initiated a project to revise the existing Guernsey Class A open-ended fund rules to bring them into line with more liberal developments in the European Union. The revised rules, based on the UK’s New Collective Investment Scheme Sourcebook (“UK COLL...

​ Equitable Life Update October 2008 (PDF)

​ Business Continuity Planning and Disaster Recovery Management in the Banking Sector of the Bailiwick of Guernsey - A Thematic Report issued by the Guernsey Financial Services Commission

The Guernsey Financial Services Commission fully sympathises with the concerns of depositors in Landsbanki Guernsey Limited (in administration) and their very considerable distress and suffering. We continue to work long and hard with a view to achieving the best possible outcome for depositors. Important developments took place yesterday evening in connection with Landsbanki Guernsey. The Court...

​Copies of statements, and questions and answers, on Landsbanki Guernsey Limited in Administration issued by the bank's administrators and by the Guernsey political authorities are available below: Press release 10 October 2008 by the States of Guernsey Policy Council - Chief Minister Statement on Landsbanki Press release 15 October 2008 by the States of Guernsey Policy Council - Policy Council...

The Commission has issued Business from Sensitive Sources Notice (Number 1) for Prescribed Businesses which is available here. Prescribed businesses must exercise a greater degree of caution when taking on business from the countries or territories specified in the Notice.

​Last night the Directors of Landsbanki Guernsey Limited made an application to the Royal Court for the Court to appoint an administrator under Guernsey’s company law. The Court has appointed Mr Rick Garrard of Deloitte and Touche LLP with a view to achieving the survival of the bank, and the whole or any part of its undertaking, as a going concern. The administration is on a temporary basis until...

​In recent years, the Commission has introduced “fast track” application processes for Qualifying Investor Funds and Registered Closed-ended Investment Funds. Associated management entities requiring licences needed, however, to go through the Commission’s full assessment process. Earlier this year the Guernsey Financial Services Commission announced that it was consulting on proposals to...