Saturday 15th December 2018
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Comsure operates in:the UK, Jersey, Guernsey

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GFSC: fit and proper guidance

The Guernsey Financial Services Commission (GFSC) has this month released updated guidance on the requirement for those holding senior positions within institutions in the banking, fiduciary, insurance and investment sectors, to be “fit and proper” persons. While the requirement to be “fit and proper” is not a new requirement, the guidance seeks to provide clarity […]

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The Implementation of GDPR in Jersey – six months on

Information Commissioner Jay Fedorak looks at the state of play since the new rule on data protection came into force in May. It has now been six months since the implementation of the new Data Protection (Jersey) Law 2018 came into force, incorporating the new European Data Protection Regulation (GDPR). This new initiative brings data […]

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Guernsey Substance Requirements released – Nov 2018

Guernsey has released further detail and draft legislation addressing the economic substance requirements for Guernsey companies. Continuing their global leadership on compliance issues amongst international finance centres, Guernsey together with the Isle of Man and Jersey produced legislation in consultation with industry intended to be practical and efficient while continuing to meet the needs of […]

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NY Art dealer Mary Boone Pleads Guilty To Tax Fraud

The New York-based dealer Mary Boone plead guilty to two counts of tax fraud after falsifying 2011 returns to hide her use of $1.6m in gallery profits to upgrade her Manhattan home. She agreed to pay more than $3m in restitution to the IRS; the amount represents the additional tax due as a result of […]

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Regulation’s role in encouraging a positive culture

Regulation’s role in promoting good culture is not to make rules around it, that was the main thrust of Andrew Bailey’s speech at the Investment Association Culture Conference.   https://www.fca.org.uk/news/speeches/role-regulation-encouraging-good-culture Andrew Bailey suggests Prescriptive rules can often undermine the original intentions as it’s impossible for a rule-book to predict every situation or eventuality. As a […]

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John Harris returns as the Office of the Information Commissioner announces Jersey NED appointments

After stepping down from the JFSC for hedalth and burn out related reasons, John Harris returns to the Jersey regulatory world. It was announced on the 12 October 2018 that the Chief Minister, Senator John Le Fondré, has signed a Ministerial Decision to appoint four Non-Executive Directors to the board governing the Office of the […]

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ECB shuts Malta’s Pilatus Bank after money laundering allegations

ECB shuts Pilatus Bank as EU readies new move on Malta BRUSSELS, Nov 5 (Reuters) – The European Central Bank has withdrawn the banking licence of Malta’sPilatus Bank, the island’s financial regulator said on Monday, as the European Commission acted to step up a disciplinary procedure against Maltese authorities. The ECB decision came after the […]

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Brexit deal likely to slip to December, says EU commissioner

Ireland’s EU Commissioner has said a summit to finalise a Brexit deal is now unlikely to be held until December, pointing to further slipping in the negotiating timetable. Phil Hogan said if he was “a betting person” he would wager that there would be no deal this month. But his comments come amid reports in […]

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