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 …
The Commission has launched a consultation paper on proposals for increasing the licence fees paid by firms. The proposals are for an increase of 2.1% across all sectors, based upon Guernsey’s RPI, together with the introduction of a modest fee for fast track applications of £500. The consultation period will be from the 4th of …
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 …
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 …
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 …
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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