Please be advised that an asset freeze and travel ban have been imposed on six people and three entities under the EU’s cyber sanctions regime. The six people who have been designated are Gao Qiang, Zhang Shilong, Alexey Valeryevich Minin, Aleksei Sergeyvich Morenets, Evgenii Mikhaylovich Serebriakov, and Oleg Mikhaylovich Sotnikov. The three entities that have […]
On 10 July 2020, the Guernsey Financial Services Commission (the “Commission”) decided to make a public statement under section 11C of the Financial Services Commission Law & to impose a financial penalty of; £48,650 under section 11D of the Financial Services Commission Law on Mr Younger; and £30,100 under section 11D of the Financial Services
On 8 June 2020, the Guernsey Financial Services Commission (the “Commission”) decided: To make a public statement under section 11C of the Financial Services Commission Law & to impose a financial penalty of; £42,000 under section 11D of the Financial Services Commission Law on GIGL; £17,500 under section 11D of the Financial Services Commission Law
Following the issue of the Global Human Rights Sanctions Regulations 2020 in the UK, The Bailiwick of Guernsey has made the Global Human Rights (Bailiwick of Guernsey) Regulations, 2020 The regulations impose asset freezes to deter the violation of human rights. 47 individuals and 2 entities have been designated under the scheme and are subject
On 10 July 2020, The GFSC imposed the following fines; £48,650 on Shane Younger; and £30,100 on Christopher Percival As a result of failures to comply with the Minimum Criteria for Licensing in respect of Schedule 7 of the Insurance Business (Bailiwick of Guernsey) law, 2002. To view this notification in full, please click here.
A look at the March Quarter 2020 Investment Statistics.
Thematic Review on Source of Funds (“SOF”) / Source of Wealth (“SOW”) in the Private Wealth Management sector
The Commission has issued its report on the thematic review of SOF / SOW in Guernsey’s private wealth management sector. The review was undertaken during the second half of 2019. A copy of the thematic review can be found by clicking here. The Commission encourages all firms, regardless of their sector, to undertake the following steps
The restrictions imposed upon the Bailiwick as a result of the Covid-19 pandemic has seen an acceleration in the adoption of home working. Due to the potential increase in information security risks incurred as a result home working, the GFSC have published a non-exhaustive summary for licensees to consider. The summary is intended as a
On 6 July, the United Kingdom made the Global Human Rights Sanctions Regulations 2020, which comprise the first UK sanctions regime to operate under the UK’s Sanctions and Anti-Money Laundering Act 2018 (Sanctions Act). Guernsey will be enacting corresponding regulations imminently however, it is strongly recommended not to release any relevant assets in the interim, as they
The Commission has issued a discussion paper making proposals aimed at ensuring that the Guernsey funds framework remains fit for purpose while helping to create opportunities for growth. Amongst other proposals to increase efficiency and clarity, the discussion paper proposes widening the formation options for Private Investment Funds. The Discussion paper contains 16 questions and