The regulatory laws provide that a licence or registration application shall contain or be accompanied by such other information or documents as the Commission may reasonably require, for the purpose of determining the application. Business Risk Assessments (“BRAs”) The Financial Action Task Force (“FATF”) 2012 Recommendations (“the Recommendations”) place even greater emphasis on the importance […]

The Securities and Exchange Commission today charged a Bahamas-based brokerage firm and its president for enabling a fraud that was halted when the SEC charged the hedge fund manager at the center of the scheme. The SEC alleges that Julian R. Brown and his firm Alliance Investment Management Limited (AIM) purported to be the “custodian” […]

Guernsey continues to seek a global level playing field on beneficial ownership, according to Fiona Le Poidevin, the Chief Executive of Guernsey Finance – the promotional agency for the Island’s finance industry. She was speaking after yesterday’s Queen’s Speech where it was announced that the UK Government is set to introduce a bill which will […]

On the 1 January 2015, the Guernsey Financial Advice Standards (“GFAS”) are proposed to come into force. GFAS will introduce a minimum qualification level for relevant financial advisers equivalent to Of qual level 4. Those individuals providing advice to retail clients prior to 31 December 2014 will have until 31 December 2015 to obtain a […]

June 2014 Between October and December 2013 the Commission undertook a series of 12 on-site visits to intermediaries providing advice to retail customers on investments and long-term insurance products (“the Review”). The Review formed part of the Commission’s ongoing work to ensure retail customers receive an appropriate level of protection. The series of visits were […]

On 17 June 2014 the Guernsey Financial Services Commission (“the Commission”) decided: to impose a financial penalty of £30,000 under Section 11D of the Financial Services Commission Law on Willow and; to make this public statement under Section 11C of the Financial Services Commission Law. The Commission considered it reasonable and necessary to make these […]

One of the key messages it contains is that overall costs fell by almost £1 million or 7.5 per cent compared to 2012, reports Business Life. During the second half of 2013, the Commission commenced a significant change programme which saw a restructuring of its Supervisory and Policy Divisions. In addition, the Commission established A […]

The GFSC handbook for financial services businesses on countering financial crime and terrorist financing has been updated March and April 2013 http://www.gfsc.gg/The-Commission/Policy%20and%20Legislation/Handbook-for-Financial-Services-Businesses-on-Countering-Financial-Crime-and-Terrorist-Financing-(current)-March-2013.pdf