The Commission is today issuing a discussion paper seeking feedback on a number of regulatory proposals for firms involved in lending, credit and finance. Please click here for a copy. http://bit.ly/2bEdlxU The Bailiwick does not currently have consumer lending and credit regulation. The Commission is concerned that this may lead to consumers being at risk of not being […]

On 11 May 2016 the Royal Court of Guernsey handed down its final judgment in the appeal brought by Bordeaux Services (Guernsey) Limited & Ors v Guernsey Financial Services Commission.  The Commission has considered this ruling carefully and believes that some key messages are contained within the judgment that are important both for Financial Services Business […]

Money laundering fines increase agreed by Guernsey States – Guernsey was rated as partially compliant in the area of sanctions by MoneyVal The maximum penalty for money laundering and terrorism financing in Guernsey has risen to £4m. The fines can be levied for failing to carry out necessary checks or reviews or failing to make […]

The Guernsey Financial Services Commission has issued a consultation paper on Guidance Notes for Pricing Controls in respect of Open Ended Collective Investment Schemes.  The paper has been prepared with the GIFA (Guernsey Investment Fund Association) Custodian and Depositary Committee. The Commission, in conjunction with the GIFA Custodian and Depositary Committee, has been reviewing its […]

The Bribery Act 2010 (the “Act”) came into force on 1 July 2011. Whilst the Act is UK legislation which is not directly applicable to Jersey/Guernsey, its far reaching provisions mean that it does impact on Jersey/Guernsey based companies and individuals with connections to the UK. It is therefore important that Jersey/Guernsey based companies and […]