54 results
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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... MoreOpened 21 April 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... MoreOpened 21 April 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... MoreOpened 10 June 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... MoreOpened 16 July 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... MoreOpened 3 September 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... MoreOpened 25 October 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... MoreOpened 8 December 2021 -
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. ... MoreOpened 8 December 2021 -
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... MoreOpened 7 February 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... MoreOpened 5 May 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... MoreOpened 5 May 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... MoreOpened 10 June 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... MoreOpened 10 June 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... MoreOpened 20 July 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... MoreOpened 21 July 2022 -
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... MoreOpened 8 December 2022 -
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; ... MoreOpened 13 February 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... MoreOpened 21 March 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... MoreOpened 28 March 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... MoreOpened 9 June 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; ... MoreOpened 26 July 2023 -
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... MoreOpened 8 December 2023 -
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... MoreOpened 12 January 2024 -
Consultation Paper on Unclaimed Money under the Protection of Investors (Bailiwick of Guernsey) Law, 2020
During 2022 and Q1 2023 the Commission undertook a Thematic Review regarding Unclaimed Money 1 ; the Thematic Review focused on how these monies are dealt with by the various relevant parties, primarily being the Designated Administrators, Scheme Boards and Liquidators. The scope of the Thematic Review was limited to authorised and registered schemes, which included Schemes whose authorisation/registration had been suspended but not those which had been surrendered. Therefore, whilst... MoreOpened 28 March 2024
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