News

Please be advised that the Russia (Sanctions) (EU Exit) Regulations 2019 (the UK regulations) have been amended by the Russia (Sanctions) (EU Exit) (Amendment) (No.3) Regulations 2023 (the Amending regulations). The UK regulations are given effect within the Bailiwick under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020 that have been made under the...

Guernsey Funds The total net asset value of Guernsey funds at the end of the quarter was £288.7 billion, a decrease over the quarter of £3.0 billion (-1.0%). Over the past year, total net asset values have decreased by £20.9 billon (-6.8%). Open-ended Schemes Within these totals, Guernsey domiciled open-ended funds decreased over the quarter by £0.8 billion (-1.5%) to £50.0 billion. This...

Following feedback from industry, the Commission has amended the Notice of Disapplication of Licensing Requirement, issued under section 40 of the Lending, Credit and Finance Law, which sets out a number of class exemptions from licensing. Three of the changes were made to clarify the disapplications in respect of lending secured against property which is outside the Bailiwick, lending by...

Please be advised that the following individuals Ali Mahmoud Abbas Abdel Karim Mahmoud have been added to the list of persons who are designated under the Syria (Sanctions) (EU Exit) Regulations 2019 (the UK regulations). The UK regulations are given effect within the Bailiwick under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020 as amended that...

Please be advised that the following individuals Desire Londroma Ndjukpa William Yakutumba have been added to the list of persons who are designated under the Democratic Republic of the Congo (Sanctions) (EU Exit) Regulations 2019 (the UK regulations). The UK regulations are given effect within the Bailiwick under the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit)...

Further to the publication of a news article on our website on exemptions from licensing – personal directorships on 12 June, the Commission has updated the news article to provide further clarification: On 5 June 2023, the Regulation of Fiduciaries etc (Bailiwick of Guernsey) (Amendment) Regulations, 2023 were made by the Policy & Resources Committee (the “Committee”). These Regulations, which...

The Commission maintains a panel of ‘Senior Decision Makers’ who determine the outcome of the Commission’s major enforcement cases. A Senior Decision Maker, sitting alone, hears those cases involving findings of serious regulatory shortcomings against a licensee and / or individual directors and where those findings are contested. As part of the process [1], Senior Decision Makers are also...

On 5 June 2023, the Regulation of Fiduciaries etc (Bailiwick of Guernsey) (Amendment) Regulations, 2023 were made by the Policy & Resources Committee (the “Committee”). These Regulations, which are to be laid before the States meeting on 5 July and which come into operation on 8 July, expand the available licensing exemptions for certain categories of personal directorship activity. The...

Today a consultation paper has been issued on the proposed additional rules and guidance for virtual asset service providers (“VASPs”) and specified businesses with a connection to, or involvement with, virtual assets, on how to meet the requirements of Schedule 3 to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law 1999 (“the POC Law”) and rules in the Handbook on Countering...