Closed consultations

  • Proposed amendments to the Handbook on Countering Financial Crime to cover counter proliferation financing

    The consultation paper seeks comments on the proposed amendments to rules and guidance in the Handbook to support the extension of the existing obligations upon specified businesses to countering proliferation financing. The Commission is also taking the opportunity to update the Handbook to take account of the recent publication of the second national risk assessment on the money laundering (“ML”), terrorist financing (“TF”) and proliferation financing (“PF”) risks... More
    Opened 12 January 2024
  • Consultation on Disclosure Rules for Insurance Intermediaries

    Affected and Interested Parties These proposals would affect licensed insurance intermediaries. At present, there are 35 intermediaries in the Bailiwick to whom these rules will apply, but only a proportion of them would be directly affected by the proposed changes. Purpose of the Consultation Paper In this Consultation the Commission proposes to amend The Insurance Intermediaries Rules and Guidance (“the Rules”) for disclosure. This will require... More
    Opened 8 December 2023
  • 2024 Fee Consultation

    Updated 23 November 2023 On 26 July 2023, the Commission issued a consultation paper on the fee rates and administrative penalties to apply from 1 January 2024, which contained the following proposals: an overall proposed increase in fees of 7.3%, with the exception of fees introduced in 2023; a rebalancing of fees within the insurance sector on request of the industry body with an aim to provide greater comparability with other jurisdictions; ... More
    Opened 26 July 2023
  • Consultation on AML/CFT Obligations upon VASPS and Additional Obligations upon Licensed Trustees and Partners

    This consultation paper seeks comments on: Proposed rules and guidance for virtual asset service providers (“VASPs”) on information requirements for virtual asset transfers and general guidance for VASPs and specified businesses with a connection to, or involvement with, virtual assets, on how to meet the requirements of Schedule 3 to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law 1999 (“the POC Law”) and rules in the Handbook on... More
    Opened 9 June 2023
  • Consultation on Amendments to Schedule 3 to the Law regarding Independent Audit, Business Risk Assessments and VASPs

    This consultation paper has been issued to seek comments on proposed amendments to Paragraphs 3 and 15 of Schedule 3 to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999 as amended (“Schedule 3 to the Law”) and associated rules and guidance in the Handbook on Countering Financial Crime and Terrorist Financing in relation to an independent audit function and on business risk assessments. The consultation also includes further development... More
    Opened 28 March 2023
  • Consultation Paper on Rules for Retail General Insurers

    Purpose of the Consultation Paper With a small life sector, the greater part of the insurance sector in Guernsey comprises retail and wholesale general (re) insurers. Whilst wholesale general (re) insurers (such as captives and Insurance-Linked Securities) make up the bulk of Guernsey (re) insurers, this paper is concerned with the smaller retail general sector. In the past, this sector has consisted of mainly domestic insurers with a small number of insurers writing... More
    Opened 21 March 2023
  • Consultation on Proposed Financial Crime Return Rules

    This consultation paper proposes the making of rules for the mandatory filing of three existing financial crime returns to which administrative financial penalties will apply for late filings and inaccurate submissions. The Commission is intending to make rules which will make mandatory the filing of the following returns within the timeframes set: The annual financial crime risk return from all licensed firms by 31 October each year; ... More
    Opened 13 February 2023
  • Exemption of Directorships Connected to Authorised and Registered Collective Investment Schemes

    Introduction This consultation paper proposes the making of new regulations providing for the exemption from licensing under The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (the “Fiduciaries Law”) of the activity of acting as a director of certain companies connected to registered or authorised collective investment schemes. This consultation complements a recent Policy & Resources Committee... More
    Opened 8 December 2022
  • Consultation Paper on the Lending Credit and Finance Rules, Guidance and Implementation

    This Consultation Paper (“CP”) follows the approval of the Lending Credit & Finance (Bailiwick of Guernsey) Law, 2022 , based on the Policy Letter published by the Policy & Resources Committee and Committee for Economic Development in December 2020 [1] , which builds on previous work. Since the Policy Letter’s approval, the Commission has engaged extensively with stakeholders in developing its approach to the new Law and in drafting Rules for licensees. We sought to... More
    Opened 21 July 2022
  • 2023 Fees Consultation

    The Guernsey Financial Services Commission (the “Commission”) is issuing this Consultation Paper on proposals for the fee rates and administrative penalties to apply from 1 January 2023, including: an overall proposed increase in fees of 9%, to maintain the real value of our income considering current inflation rates, proposals for application and annual fees in respect of our increased responsibilities for firms licensed under the Credit and Finance... More
    Opened 20 July 2022
  • Draft amended Fiduciary Rules and draft amended Capital Adequacy Rules for fatal flaw comments

    Background In our December 2021 Consultation Paper on Professional Indemnity Insurance we asked for feedback on the proposed changes to requirements concerning professional indemnity insurance (“PII”) for the fiduciary and investment sectors, as set out in the Consultation Paper on Professional Indemnity Insurance Fiduciary and Investment Sectors (“CP”). A feedback statement on the CP can be found at the link below. Alongside the feedback statement... More
    Opened 10 June 2022
  • Draft amended Insurance Managers and Insurance Intermediaries PII Rules for fatal flaws comments

    Background In our December 2021 Consultation Paper on Professional Indemnity Insurance we asked for feedback on the proposed changes to requirements concerning professional indemnity insurance (“PII”) for insurance managers and insurance intermediaries. A feedback statement on the CP can be found at the link below. Alongside the feedback statement the Commission has issued final drafts of the relevant amended Rules wording, taking into account comments received during the... More
    Opened 10 June 2022
  • Consultation Paper on Proposed Measures to Counter the Risk of Greenwashing

    Introduction Purpose of the Consultation Paper The Commission seeks to regulate and supervise financial services in the Bailiwick of Guernsey with integrity, proportionality and professional excellence, and in so doing help to uphold the international reputation of the Bailiwick of Guernsey as a finance centre. The term “greenwashing” refers to the practice of misrepresenting sustainability-related practices or the sustainability... More
    Opened 5 May 2022
  • Extending the Sustainable Funds Regime: Consultation Paper on Natural Capital Fund Rules

    Background This consultation paper proposes the creation of new fund rules providing for the voluntary application for designation by the Commission of registered or authorised collective investment schemes as Natural Capital Funds. Designation would be available to funds committed to making a nature-positive investment, setting and monitoring appropriate targets, and making relevant disclosures. Nature-positive investments are those with an objective to... More
    Opened 5 May 2022
  • Bailiwick Mind and Management Consultation Paper

    Bailiwick Substantial Mind and Management The Protection of Investors (Bailiwick of Guernsey) Law, 2020 The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (together “the Supervisory Laws”) The purpose of this Consultation Paper is to seek feedback from all interested parties on proposals to issue guidance under the Supervisory Laws. The proposed guidance... More
    Opened 7 February 2022
  • Consultation Paper on Professional Indemnity Insurance for Insurance Intermediaries and Insurance Managers

    The Commission has been made aware by industry of an increasingly challenging Professional Indemnity Insurance (“PII”) market. Firms have found the availability of insurance reducing while prices are rising. The Commission has engaged with industry and other stakeholders through questionnaires and interviews. As a result of that engagement, the Commission is publishing this Consultation Paper to seek industry’s views on proposed changes to the rules around the maintenance of PII. ... More
    Opened 8 December 2021
  • Consultation Paper on Professional Indemnity Insurance Fiduciary and Investment Sectors

    Background Professional indemnity insurance (“PII”) PII “covers liability for injury, damage or financial loss arising from a breach of professional duty carried out in good faith or negligent acts, errors or omissions in their professional capacity. The persons covered by the policy include the insured, any employees/partners, any agent and any predecessors” (Chartered Insurance Institute). PII indemnifies firms in the... More
    Opened 8 December 2021
  • Credit and Finance Survey

    Objectives As you may already be aware, earlier this year the States of Guernsey approved the creation of credit and finance legislation in the Bailiwick. This will, amongst other things, regulate the market for credit and lending, providing protection for consumers, and ensure that Guernsey meets its international AML/CFT obligations. The new law will require firms which, by way of business, provide credit, lending or finance, or act as finance brokers, to be licensed by the... More
    Opened 25 October 2021
  • Consultation Paper on the Annual Compliance Return Rules proposed to be issued under the Banking Supervision (Bailiwick of Guernsey) Law, 2020

    Purpose of the Consultation Paper Revision of Laws Project In August and September 2020, the States of Guernsey, the States of Alderney, and the Chief Pleas of Sark, as part of a review of the legislation governing the finance industry, approved the following – The Banking Supervision (Bailiwick of Guernsey) Law, 2020 (the “New Banking Law”); The New Banking Law forms part of the suite of legislation contemplated... More
    Opened 3 September 2021
  • 2022 Fees Consultation

    INTRODUCTION Purpose of the Consultation Paper Fees consultation The aim of this consultation is to detail the Commission’s fee rate proposals for 2022 and to solicit feedback and comments from industry. The consultation will be open for an 7-week period. After this and following appropriate consideration of the consultation responses, new fees will come into force on the 1 st January 2022. The Commission... More
    Opened 16 July 2021
  • Consultation Paper on the Codes and Guidance Documents proposed to be re-issued under The Protection of Investors (Bailiwick of Guernsey) Law, 2020, The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) Law, 2020, The Banking Supervision (Bailiwick of Guernsey) Law, 2020, The Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020, The Insurance Business (Bailiwick of Guernsey) Law, 2002 and The Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002

    PART 1 INTRODUCTION Purpose of the Consultation Paper Revision of Laws Project In August and September 2020, the States of Guernsey, the States of Alderney, and the Chief Pleas of Sark, as part of a review of the legislation governing the finance industry, approved the following – The Protection of Investors (Bailiwick of Guernsey) Law, 2020 (the “POI Law”); The... More
    Opened 10 June 2021
  • Consultation Paper on the Statutory Instruments proposed to be re-issued under The Protection of Investors (Bailiwick of Guernsey) Law, 2020, The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) Law, 2020, The Banking Supervision (Bailiwick of Guernsey) Law, 2020, The Financial Services Business (Enforcement Powers)(Bailiwick of Guernsey) Law, 2020, The Insurance Business (Bailiwick of Guernsey) Law, 2021 and The Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2021

    Purpose of the Consultation Paper Revision of Laws Project In August and September 2020, the States of Guernsey, the States of Alderney, and the Chief Pleas of Sark, as part of a review of the legislation governing the finance industry, approved the following – The Protection of Investors (Bailiwick of Guernsey) Law, 2020 (the “POI Law”); The Banking Supervision (Bailiwick of Guernsey) Law, 2020... More
    Opened 21 April 2021
  • Consultation Paper on the proposed replacement of the current Fiduciary Rules, 2020 by the new Fiduciary Rules, 2021

    Introduction Purpose of the Consultation Paper The Commission seeks to regulate and supervise financial services in the Bailiwick of Guernsey with integrity, proportionality, and professional excellence, and in so doing help to uphold the international reputation of the Bailiwick of Guernsey as a finance centre. The purpose of this Consultation Paper is to seek feedback from all interested parties on the proposed replacement of the... More
    Opened 21 April 2021
  • Consultation Paper on Ancillary Vehicles

    Background Under the current legal framework, some entities and activities which are closely related to a fund structure or a controlled investment fall within the scope of the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 (“the Fiduciaries Law”). Whilst acting as a general partner of a Guernsey fund is and will continue to be covered by an exemption under the Fiduciaries regime [1] ... More
    Opened 21 April 2021
  • Amendments to the Banking Rules on Accounts, Disclosure & Large Exposures

    The purpose of this Consultation Paper is to seek feedback from stakeholders and interested parties on the issues contained in the paper and the proposed revisions to the relevant rules and guidance issued under the Banking Supervision (Bailiwick of Guernsey) Law, 2020 (“The Law”), which is intended to replace the Banking Supervision (Bailiwick of Guernsey) Law 1994. This includes the Banking (Accounts) Rules 1994 and the Large Exposure Policy. The proposals in this... More
    Opened 16 March 2021
  • Spring Green Consultation Paper

    The Spring Green Consultation Paper proposes an addition to the Finance Sector Code of Corporate Governance, to take specific account of climate change considerations; and two minor modifications to the Guernsey Green Fund Rules. The consultation paper, Finance Sector Code of Corporate Governance, Funds Growth Omnibus Discussion Paper and Thematic Review 2020-2021 of the Guernsey Green Fund Regime can all be accessed from the links below. More
    Opened 11 March 2021
  • Consultation Paper on Proposals for Private Investment Funds

    Background In July 2020 the Guernsey Financial Services Commission published a Fund Growth Omnibus Discussion Paper [1] (the “Discussion Paper”) seeking feedback on proposals in relation to the Private Investment Fund Rules 2016 (the “PIF Rules”) [2] . The PIF Rules require that a Private Investment Fund (“PIF”) has within its structure a licensee responsible for management. When considering an application for the registration of a proposed... More
    Opened 9 December 2020
  • Consultation Paper on Proposals for Non Guernsey Schemes

    Purpose of the Consultation The Commission seeks to regulate and supervise financial services in the Bailiwick of Guernsey, with integrity, proportionality and professional excellence, and in so doing help to uphold the international reputation of the Bailiwick of Guernsey as a finance centre. Consistent with the Commission’s objectives, the proposals in this Consultation are designed to ensure that the rules framework under The Protection of Investors (Bailiwick of Guernsey) Law,... More
    Opened 8 December 2020
  • Consultation Paper - A Green Investment Discount for Life Insurer Capital Requirements

    The purpose of this Consultation Paper is to elicit feedback on the scope, structure and design of a "Green Discount" for life insurer capital requirements. The Commission is proposing to amend the Insurance Business (Solvency) Rules, 2015 to introduce a Green Discount. The Green Discount would reduce the capital requirement applicable to spread risk for the green fixed income assets of life insurers that chose to adopt it. The intention behind this is to encourage green,... More
    Opened 6 October 2020
  • Cyber Security Rules and Guidance Consultation Paper

    Introduction Purpose of the Consultation Paper The Commission seeks to regulate and supervise financial services in the Bailiwick of Guernsey, with integrity, proportionality and professional excellence, and in so doing help to uphold the international reputation of the Bailiwick of Guernsey as a finance centre. The purpose of this Consultation Paper is to seek feedback from all interested parties and stakeholders on the introduction of a set of Cyber Security Rules under... More
    Opened 21 September 2020
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