News

The Financial Crime Risk Return (the “FCRR”) for the reporting period 1 July 2020 to 30 June 2021 will be available for completion on the Online Submissions Portal on 13 July 2021. The submission deadline is 31 October 2021. Following the Commission's previous announcements and after consultation with industry, updates made to the 2021 FCRR include: Additional reporting on suspicious activity and...

The Commission has today amended the Guernsey Green Fund Rules making two liberalisations based on industry feedback gathered during our thematic review of the Guernsey Green Fund Regime published in March. These amendments were consulted on as part of the Commission’s Spring Green Consultation, issued on 11 March 2021. Responses to the Spring Green Consultation Paper were largely supportive and a...

The Commission has today issued amendments to the country lists in Appendix C and Appendix I of the Handbook on Countering Financial Crime and Terrorist Financing reflecting the Financial Action Task Force’s updated list of jurisdictions under increased monitoring, which includes Malta, Haiti, the Philippines and South Sudan. The amendments include the removal of Malta from the list of equivalent...

The Commission has implemented The Companies (Incorporated Cell Companies) (Prescribed Classes) Regulations, 2021. Previously, under the Companies (Guernsey) Law, 2008 a non-financial services business wishing to be incorporated as an Incorporated Cell Company (ICC), was required to be administered by a licensed person. The new regulations remove this requirement where the ICC is to be a non...

Please be advised that eleven individuals and two entities have been designated under the Republic of Belarus (Sanctions) (EU Exit) Regulations 2019; these are implemented in the Bailiwick by the Sanctions (Implementation of UK Regimes) (Bailiwick of Guernsey) (Brexit) Regulations, 2020 as amended. The following individuals and entities have now been added to the consolidated list, which can be...

The Commission is delighted to announce that Mr Julian Winser has been sworn in as a Commissioner after being approved by the States of Deliberation. The vacancy arose following the retirement of Mr Bob Moore, the Commission’s former Vice-Chairman. Mr Winser will be appointed as the Commission’s Chairman on the retirement of Drs Cees Schrauwers in December. Mr Winser served in the military as an...

First Quarter 2021 Guernsey Funds The total net asset value of Guernsey funds has increased in Sterling terms during the last quarter by £18.1 billion (7.4%) to £263.6 billion. Over the past year, total net asset values have increased by £30.4 billon (13.0%). Open-ended Schemes Within these totals, Guernsey domiciled open-ended funds decreased over the quarter by £1.0 billion (-2.0%) to £48.0...

The Guernsey Financial Services Commission has issued today a consultation paper (“CP”) seeking views from interested parties as part of the implementation of the Revision of Laws Project. The CP relates to the proposed re-issuing of the Commission’s codes and guidance due to the revised supervisory laws arising from the Revision of Laws Project. The draft codes and guidance do not implement...

The Commission has today published the amended Finance Sector Code of Corporate Governance which asks Boards to consider the impact of climate change on their strategy and risk profile and, where they judge it appropriate, make climate change related disclosures. A copy of the new Code can be found here. This amendment was consulted on as part of the Commission’s Spring Green Consultation, issued...