News

JFSC approach for collecting 2018’s data, Phase III of our Supervisory Data Collection Exercise. Key facts This exercise will begin promptly in the New Year on 14 January 2019. The JFSC will be asking for the same data for 2018 as we previously collected for Phase 1 and Phase II. This is to determine whether […]

Good morning, the JFSC have issued their findings on “Client Assets”, please see summary below. WHAT IS THIS ALL ABOUT? As communicated in November 2017, the JFSC set out in high level terms its planned thematic examination programme for the first half of 2018, to be undertaken by the JFSC’s Supervision Examination Unit (SEU). (SEE […]

In May the UK passed the Sanctions and Anti-Money Laundering Act 2018. Now, in light of the relative certainty as to how the UK sanctions regime will work post-Brexit, a Projet de Loi has been laid before the States of Guernsey to Brexit-proof local sanctions legislation and to address designation of a person under the […]

THE government did not comply with the law when it attempted to withhold information on chief executive Charlie Parker’s employment contract, the information commissioner has said. In a decision announced yesterday afternoon, the information commissioner, Dr Jay Fedorak, said that the Chief Minister’s Department had made an unauthorised attempt to stop information on Mr Parker’s […]

The Guernsey Financial Services Commission (GFSC) has this month released updated guidance on the requirement for those holding senior positions within institutions in the banking, fiduciary, insurance and investment sectors, to be “fit and proper” persons. While the requirement to be “fit and proper” is not a new requirement, the guidance seeks to provide clarity […]

Information Commissioner Jay Fedorak looks at the state of play since the new rule on data protection came into force in May. It has now been six months since the implementation of the new Data Protection (Jersey) Law 2018 came into force, incorporating the new European Data Protection Regulation (GDPR). This new initiative brings data […]

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 […]

The New York-based dealer Mary Boone plead guilty to two counts of tax fraud after falsifying 2011 returns to hide her use of $1.6m in gallery profits to upgrade her Manhattan home. She agreed to pay more than $3m in restitution to the IRS; the amount represents the additional tax due as a result of […]