The requirement to maintain a register of people with significant influence or control, more commonly known as the PSC Register, was introduced on 6 April 2016 as a result of the changes introduced by the Small Business, Enterprise and Employment Act 2015.
Another successful racing season has come to a close at the Royal Channel Island Yacht Club (RCIYC), the Island’s sailing club in the heart of St Peter Port. After 25 race days last season the club has already announced details of its next racing season.
All the Directors and staff at Heritage Insurance wish Becky, Charlotte, Kate and Sarah of Atlantic Endeavour all the very best for a safe, fast and trouble free crossing.
Over the last six months Guernsey’s financial services sector has seen an influx of new business migrating to the island from those wanting the reassurance of a robust jurisdiction that withstands the scrutiny and meets the increased global standards of transparency and regulation.
The Guernsey Financial Services Commission (“GFSC”) today confirms the approval of a new regime for Private Investment Funds following a short consultation process which closed on 10 November 2016. The new regime addresses a perceived gap in the range of fund products available in the Bailiwick when there is a close relationship between investors and management, removing the formal requirement for information particulars and reducing the application process to one day.
The European Commission has announced that it will delay the application of the Regulation on Key Information Documents for Packaged Retail and Insurance based Investment Products (PRIIPs)
The abolition of corporate directors in the UK has been postponed pending the publication of draft regulations detailing exemptions to the legislation.
The latest figures from the Guernsey Financial Services Commission (GFSC) highlight an increase in the value of Guernsey’s funds business of £27.1 billion over the year ending 30 June 2016. This is equivalent to a rise of 12.3% on the previous year, bringing total assets of funds under management and administration to some £247.1 billon. This follows a fourth consecutive quarter of strong growth which saw the net asset value of funds rise by £9.1 billion or 3.8%.
Malta’s economic growth continued to outperform the Eurozone average in the first quarter of 2016 standing at 5.2%. Credit rating agency Fitch Ratings has affirmed Malta's Long-Term Foreign and Local Currency Issuer Default Ratings at 'A' and the outlook was revised upwards from Stable to Positive.