Fiduciary

Commission clarifies boundaries of Custodians’ duties

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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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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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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Discussion Papers on Ancillary Vehicles and the New Fiduciary Licence Categorisation

The Commission has issued 2 discussion papers (DP’s) on proposals concerning rules to be made following the approval of the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (the “2020 Fiduciaries Law”) and the Protection of Investors (Bailiwick of Guernsey) Law, 2020 (the “2020 PoI Law”). The first DP …

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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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Financial Crime Risk Return 2020

The Financial Crime Risk Return (“the Return”) for the reporting period 1 July 2019 to 30 June 2020 will be available for completion on the Online Submissions Portal in July 2020. The submission deadline is 31 October 2020. All firms required to complete the Return should consult the following documents before submission: Financial Crime Risk …

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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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