News

The Commission is undertaking a short consultation on changes proposed to rules and guidance in Chapters 3 and 7 of the Handbook on Countering Financial Crime and Terrorist Financing (“the Handbook”) (version issued 30 October 2020) on the risk-based approach and on legal persons and legal arrangements. The following is a summary of the proposed changes to the Handbook: - When establishing a trust...

In October of this year, the Commission issued a consultation paper proposing amendments to the Insurance Business (Solvency) Rules 2015 which would see the introduction of a specific approach for green assets into the Solvency Rules and help to incentivise increased investment in green assets by life insurers. The background to this move follows global political and public debate around...

The Commission has today issued a revised application form for the Private Investment Fund – Form PIF (December 2020). Please ensure that this form is used for all future applications and that all applicable requirements are adhered to. The Form PIF (December 2020) can be found here. Emma Bailey Director Authorisations and Innovation

The Commission has now sent its 2021 annual fees to all licensees and registrants by email. If you have not receive d an invoice by email you should contact [email protected] quoting the entity name and the GFSC reference number, which can be found on our website ( Regulated Entities and Registered Entities). You may also contact this email address to confirm the validity of an emailed invoice...

The International Association of Insurance Supervisors (IAIS) recently held its held biennial Executive Committee elections which saw the Commission’s Director General, William Mason, re-elected as a member. In addition to Mr Mason’s election, the Commission’s Director of Risk and Operations, Katherine Jane, has been appointed as the next Chair of the IAIS’ Standards Assessment Working Group (SAWG...

Date of prohibition order, law under which made and prohibited functions: The Regulation of Fiduciaries, Administration Business and Company Directors, etc (Bailiwick of Guernsey) Law, 2000, as amended; from 11 December 2020 until 11 December 2026: the functions of director, controller, partner, manager, money laundering reporting officer, money laundering compliance officer or compliance officer...

Date of prohibition order, law under which made and prohibited functions: The Regulation of Fiduciaries, Administration Business and Company Directors, etc (Bailiwick of Guernsey) Law, 2000, as amended; from 11 December 2020 until 11 December 2025: the functions of money laundering reporting officer, money laundering compliance officer or compliance officer in relation to a regulated activity...

On the 11th day of December 2020 the Commission imposed the following discretionary financial penalties: Safehaven International Limited (the “Firm”) - £100,000 Mr Richard John Bach - £50,000 Miss Tracey Jane Ozanne - £5,000 Mr David Charles Housley Whitworth - £10,000 Mr Michael John Good - £10,000 Mr Stephen John Dickinson - £1,000 (collectively the “Individuals”) Mr Richard John Bach was also...