News

Council Regulation (EU) No 2017/1509, as implemented in the Bailiwick by the North Korea (Restrictive Measures) (Guernsey) Ordinance, 2017, the North Korea (Restrictive Measures) (Alderney) Ordinance, 2017, and the North Korea (Restrictive Measures) (Sark) Ordinance, 2017, has been amended by Council Implementing Regulation 2018/602. The effect of the amendments, which are automatically and...

The Commission has been asked to publish the attached link to an Advisory which has been issued by the UK National Cyber Security Centre: https://www.ncsc.gov.uk/alerts/russian-state-sponsored-cyber-actors-targeting-network-infrastructure-devices

The Commission expects a high volume of returns to be processed in the Online Submission portal during April. As a result, you may experience delays as the month-end deadline date approaches. Thank you for your patience at this busy time.

Authorisations, Banking, Fiduciary, Insurance, Investment To assist firms in notifying the Commission of a Change of Controller, as required under the various regulatory laws, sector-specific application guidance together with the relevant Change of Controller application form (CofC 2018) is now available on the Commission's website under the Authorisations application menus for each industry...

In 2014, the Commission established a panel of Queen’s Counsel who sit as ‘Senior Decision Makers’ and 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 Senior...

The Commission has today issued a consultation paper making proposals in respect of the Rules and Guidance applicable to insurers licensed under the Insurance Business (Bailiwick of Guernsey) Law, 2002. The Insurance Regulation Omnibus Consultation Paper makes proposals on Public Disclosure, Guidance on Reinsurance and Risk Transfer, Conduct of Business Rules for Insurers, Own Risk and Solvency...

Consultation on Code of Market Conduct. The Commission is pleased to release the draft Code of Market Conduct (“the Code”) for consultation. (see here) Closing date is 12 June 2018. The Commission would be grateful for any representations but, in particular, would like comment on the following subjects: 1. Do you agree with the structure of the Code? i.e. a hierarchy: a. Section 2 – Descriptions...

Council Regulation (EU) No 267/2012, as implemented in the Bailiwick by the Iran (Restrictive Measures) (Guernsey) Ordinance, 2012, the Iran (Restrictive Measures) (Alderney) Ordinance, 2012 and the Iran (Restrictive Measures) (Sark) Ordinance, 2012, has been amended by Council Regulation (EU) No 2018/565. The amending Regulation is available here: Council Regulation (EU) 2018/565 The effect of...

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 Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulations, 2007 as amended (“the Regulations”)...