GFSC Archives

Commission consults on increasing Private Investment Fund (PIF) options

The Commission has published a Consultation Paper containing proposals, which, if implemented, would allow different investor categories to take advantage of an appropriately regulated fund structure. The proposed amendments would complete the current approach for registering PIFs. To see the Consultation Paper, click here. To view this notification in full, please click here. For further …

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Commission proposes derogation of non-Guernsey Fund Scheme Rules

GFSC / By Adam

The Commission has published a Consultation Paper seeking feedback on proposals for changes to the Non-Guernsey Scheme regime. If the proposal is implemented any entity undertaking a restricted activity in or from within the Bailiwick in connection with a collective investment scheme (wherever domiciled) will still be required to be licensed under the PoI Law. …

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Commission clarifies boundaries of Custodians’ duties

GFSC / By Adam

The Commission has published new guidance aimed at providing clarification about Designated Custodians’ duties and the standards of conduct that are expected of them when they act for Open-Ended Collective Investment Schemes. Designated Custodian should be able to demonstrate knowledge of the underlying assets of the scheme in order to mitigate the risk of the …

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September Quarter 2020 Investment Statistics

GFSC / By Adam

The full investment statistics of September Quarter 2020 are available here. To view this notification in full, please click here. For further information & guidance, please contact the Advisory Team at Aspida via info@aspidagroup.com Your partner in protecting and growing your business Subscribe to receive our latest news, views and event information SUBSCRIBE

Commission appoints new President of Panel of Senior Decision Makers

GFSC / By Adam

Ms Leigh-Ann Mulcahy QC has been appointed to succeed Mr Michael Blair QC as President of its Panel of Senior Decision Makers due to Mr Blair QC retiring at the end of this year. The Commission would like to place on record its appreciation for the manner in which Mr Blair QC has undertaken the …

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Pension Transfers

GFSC / By Adam

The Commission, as the regulator of pensions in Guernsey, has determined that it is appropriate to introduce new rules for pension providers to improve the initial pension regulation rules. These rules will come into force on 31 December 2020 and state explicitly: “Licensees must pay due regard to the interests of Scheme Members and beneficiaries …

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

GFSC / By Adam

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

GFSC / By Adam

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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10th Annual Conference 2021 – Save the date

GFSC / By Adam

10th Annual Conference 2021 – Save the date flyer To view this notification in full, please click here. For further information & guidance, please contact the Advisory Team at Aspida via info@aspidagroup.com Your partner in protecting and growing your business Subscribe to receive our latest news, views and event information SUBSCRIBE

Gratuity Schemes

GFSC / By Adam

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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