The regulatory environment has become steadily ever more pervasive and complex since the whole concept of “regulation and compliance” was born in the late eighties and early nineties. Since then financial services businesses (“FSBs”) have faced a growing tide of laws and regulations with which they have to comply in order to do business. Trust […]

GFSC Consultation Paper on Amendments to Regulatory and AML/CFT Legislation – Interested parties are asked to provide comments in writing to the Policy and International Affairs Division of the Commission by the close of business on 21 May 2010. On-site inspection provisions in the Site Visits Ordinance and the insurance laws – The Site Visits […]

A code of conduct for QROPS providers in Guernsey is one step closer with the sub-committee’s first meeting set for tomorrow. The sub-committee has been formed by the Guernsey Association of Pension Providers (GAPP) and contains a cross-section of QROPS providers from the jurisdiction. Its aim will be to establish a voluntary code of conduct, […]

The Vinum Fine Wine fund has been closed by its directors after pressure from the Guernsey Financial Services Commission (GFSC). The fund was suspended in January because of a number of valuation errors but the administrator and custodian failed to resolve the issues that led to suspension and the fund has been closed. It was […]

The Guernsey Financial Services Commission (the “Commission”) is consulting with financial services businesses on a proposed corporate governance code (the “Code”). The Code comprises a set of outcomes, best practice provisions, guidance and a “comply or explain” methodology. The existing consultation process relates only to the outcomes and best practice provisions and the Commission’s current […]

The Guernsey Financial Services Commission has published the final draft of new Capital Adequacy Rules, mandatory for all entities licensed under the Protection of Investors (Bailiwick of Guernsey) Law 1987. The release of the Rules in the their final form is culmination of a November 2009 consultation. The Capital Adequacy Rules will become effective on […]

The Guernsey Financial Services Commission (“the Commission”) has received certain representations concerning the Licensees (Conduct of Business) Rules, 2009 that have led it to conclude that the following Guidance Note should be issued to bring clarification. Some of these issues were mentioned in the Commission’s presentation to industry on 17 December 2009. The paper formalises […]

The Licensees (Conduct of Business) Rules 2009 and the Licensees (Capital Adequacy) Rules 2010 – The Licensees (Conduct of Business) Rules 2009 (the “COB Rules”) came into force on 1 January 2010 and apply to all entities licensed under the Protection of Investors (Bailiwick of Guernsey) Law, 1987 (as amended) (“POI Law”) (subject to certain […]