Guernsey has released further detail and draft legislation addressing the economic substance requirements for Guernsey companies. Continuing their global leadership on compliance issues amongst international finance centres, Guernsey together with the Isle of Man and Jersey produced legislation in consultation with industry intended to be practical and efficient while continuing to meet the needs of […]
Read MoreGuernsey GFSC test for Fit and Proper Persons – meeting the criteria
Concerning a Fit and Proper Person test Guernsey the GFSC state the following…… All individuals in prescribed positions (as defined in Commission guidance elsewhere) are required under the Regulatory Laws in Guernsey to meet the “Fit and Proper” standard, set out in the relevant Minimum Criteria for Licensing (“MCL”), from the outset, and on an […]
Read MoreJERSEY Consultation on the introduction of substance requirements for certain Jersey tax resident companies
Introduction 1. Jersey, Guernsey and the Isle of Man have been working together to address the concerns of the EU Code of Conduct Group (Business Taxation) (“the COCG”) regarding economic substance. 2. As part of a review of over 90 jurisdictions, the EU Code Group concluded that a. Jersey and the other Crown Dependencies were […]
Read MoreGFSC fine director £50k for failings that includes Probity, competence and soundness of judgment
The following case study shows provides a salutary lesson in what could happen if you do not follow policy and procedures. The director in question (Mr Chick) exposed the Fiduciary Company to sanction for acting in breach of the Regulations and its own procedures. The case On 31 May 2018, the Guernsey Financial Services Commission […]
Read MoreGuernsey – the Richmond Fiduciary Group Limited is fined £45,500.00 by GFSC – Jersey cos watch out!!
The following news update is about a regulatory action in Guernsey. On the 12th April 2018, the GFSC published a General, Public Statements and its regulatory action (including a fine) against the Richmond Fiduciary Group Limited Although this is Guernsey, there are lessons to be learnt for Jersey firms. Also, please remember the JFSC to […]
Read MoreGFSC winning the Muratti of regulatory fining (so far) – lessons for directors arising from recent commission enforcement actions
If you compare Guernsey and Jersey enforcement action, it is clear that the GFSC is winning the Murratti of enforcement (so far). With over £1 million in fines and numerous public statements and prohibited from performing functions under the relevant regulatory laws Guernsey are living up to their promise to be enforcement led. The enforcement […]
Read MoreGuernsey To Have Own Data Protection Office
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Read MoreGuernsey – Mr Adrian Lee Galliers sentenced to 3 years imprisonment.
The GFSC reported on 13th March 2017 that Mr Galliers was convicted in March 2016 of 10 counts of fraud by abuse of position contrary to sections 1, 4 and 5 of The Fraud (Bailiwick of Guernsey) Law, 2009 and sentenced to 3 years imprisonment. Mr Galliers was a director and shareholder of an insurance […]
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