The Commission has today published a Consultation Paper containing proposals which, if implemented, would allow different investor categories to take advantage of an appropriately regulated fund structure. Whilst the proposals would see the current approach to registering a PIF continue, other paths would be introduced to complement this. One of the new paths being proposed would enable a PIF to...
The Commission has today published a Consultation Paper seeking feedback on proposals for changes to the Non-Guernsey Scheme regime. If the proposal is implemented it will see the current rules revoked. A Non-Guernsey Scheme is a collective investment scheme that is not established or incorporated in the Bailiwick of Guernsey and is not authorised or registered by the Commission. The Law permits...
Commission proposes deregulation of non-Guernsey Fund Scheme Rules
The Financial Services Commission (Bailiwick of Guernsey) Law, 1987 (the “Financial Services Commission Law”); The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 (the “Fiduciaries Law”); The Protection of Investors (Bailiwick of Guernsey) Law, 1987 (the “POI Law”); The Insurance Managers and Insurance Intermediaries (Bailiwick of...
Stephen Bougourd
In its efforts to provide greater regulatory clarity for industry, the Commission has today published new guidance aimed at providing additional clarification about Designated Custodians’ duties. This guidance sets out the standards of conduct that are expected of Designated Custodians when they act for Open-Ended Collective Investment Schemes and where the assets are held indirectly, for example...
Commission clarifies boundaries of Custodians’ duties
Third Quarter 2020 Guernsey Funds The total net asset value of Guernsey funds has increased in Sterling terms during the last quarter by £9.3 billion (4.1%) to £236.1 billion. Over the past year, total net asset values have increased by £7.7 billon (3.4%). Open-ended Schemes Within these totals, Guernsey domiciled open-ended funds increased over the quarter by £0.2 billion (0.4%) to £48.0 billion...
September Quarter 2020 Investment Statistics
This Notice has been published by the Guernsey Financial Services Commission (the " Commission") with the agreement of Mr. David Dawson Cosgrove. In 2014, the Commission commenced an investigation into Lancelot Management Limited (" Lancelot") and certain entities of which Lancelot had been the Principal Manager or was otherwise connected to, including The Global Mutual Fund PCC Limited (" Global"...
Public Notice: Mr. David Dawson Cosgrove
The Commission has announced the appointment of Ms Leigh-Ann Mulcahy QC to succeed Mr Michael Blair QC as President of its Panel of Senior Decision Makers. Mr Blair QC is retiring from that position at the end of this year – a position he has held since its inception in 2014. The Commission would like to place on record its appreciation for the manner in which Mr Blair QC has undertaken the role...
Commission appoints new President of Panel of Senior Decision Makers
The Commission became the regulator of pensions in Guernsey at the request of the States of Guernsey in June 2017. Since that time it has gathered and analysed information from pension providers as part of its regulatory oversight function. This work helped inform the Commission’s initial review of pension regulations which it conducted between 1 December 2017 and 28 February 2018. Following this...
Pensions Transfers
Licensees and registrants are advised that the Commission is changing the way it distributes its annual license fee invoices, commencing with the 2021 annual fees which are due to be sent out next month. Generic email addresses for all regulated and registered entities have been prepared which will be used to send out the annual fee invoices for 2021. If you wish to check which email address the...