November 2020

Changes to how the Commission distributes Annual Fee Invoices to Licensees and Registrants

The Commission is changing the way it distributes its annual license fee invoices, starting with the 2021 fees. Email addresses for all regulated and registered entities have been prepared and if you wish to check which email address the Commission holds for your firm please contact accounts@gfsc.gg. The Commission will no longer be distributing annual […]

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Commission signs MOU with the Board of Guernsey’s Banking Deposit Compensation Scheme

The Commission has signed a new Memorandum of Understanding (“the MOU”) with the Board of the Guernsey Banking Deposit Compensation Scheme (GBDCS). The MOU provides a framework for the relationship between the Commission and the Board and particularly establishes how they will, as necessary, exchange specific information with each other. The scheme would manage applications

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Gratuity Schemes

The States of Guernsey Annual Budget was published on Monday 16 November 2020 and can be found here. The Budget has been prepared in the context of the economic impact of the Covid-19 pandemic and the pressures caused by this. They have proposed the amendment of Section 40(nn) of the Income Tax (Guernsey) Law to clarify

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Remote working business model

Due to Covid-19, most licensees and their staff had moved to home working throughout the year. Although many licensees have since returned to office working, the Commission is aware that a number are continuing to operate some form of home working. As some licensees are currently contemplating moving to a home working model on a

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Engagement on the draft amendments to Insurance Business (Bailiwick of Guernsey) Law, 2002 (the “Insurance Business Law”)

On the 30th of October 2015 the States of Deliberation approved the Policy Letter submitted by the Policy Council on the Revision of the Financial Supervisory and Regulatory Laws. Following approval of this, the Law Officers and the Commission, with the assistance of members of industry, have now produced an Ordinance amending the Insurance Business Law

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