Authorisations

GFIN, Cross Border Testing

The GFSC is participating in the GFIN’s Cross-Border Testing, which launches 29th October 2020. The Global Financial Innovation Network (GFIN) is inviting applications from firms to test innovative financial products, services, business models or regulatory technology across more than one country or jurisdiction. Firms interested in applying should submit an application via the GFIN website …

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LIBOR Transition

International supervisory bodies have reaffirmed plans to transition away from LIBOR to alternative reference rates (for example; SONIA or SOFR) and, advise that firms should assume that LIBOR will no longer be published beyond the end of 2021. Provisions to transition to alternative rates should be made well in advance of this date. Guernsey regulated …

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The PQ Portal upgrade

Changes have been made to both the portal and forms. Main changes to note include; OS & PQ Portals can now be linked for Single-Sign-On; & New accounts will be now be required to agree to the Terms & Conditions when registering. For further information, please refer to the guidance note on the GFSC website …

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Handbook on Countering Financial Crime and Terrorist Financing

The Commission has issued in final form, the revised Handbook on Countering Financial Crime and Terrorist Financing (“the Handbook”) The Commission has made amendments, to the Handbook, in order to take into account the Bailiwick of Guernsey’s National Risk Assessment (“NRA”) on money laundering (“ML”) and the financing of terrorism (“FT”) which was published in …

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