Financial Services Commission (Bailiwick of Guernsey) Law, 1987 (Consolidated text)

Summary

This is the foundational statute establishing the Guernsey Financial Services Commission (GFSC) as the Bailiwick's financial regulator. It is a consolidated, heavily amended text covering the Commission's constitution, functions, powers, funding, and enforcement and confidentiality regime rather than a discrete new requirement on industry.

• Establishment and status: Creates the Commission as a body corporate with perpetual succession, sets out its constitution (Schedule 1) and its status in relation to the States of Guernsey.
• Functions: Sets out the Commission's general functions (supervision of finance business, countering financial crime and terrorist financing, maintaining confidence and safety/soundness of the sector) and statutory functions transferred to it by enactment.
• Powers: Confers general, contractual and property powers, staffing powers, and enforcement powers (sections 11A to 11J), including site visits and obtaining information from third parties.
• Financial provisions: Governs the Commission's funds, fee and charge-setting powers, grants, borrowing, investment of surplus funds, tax exemption, and accounting/audit/governance obligations.
• Administrative and confidentiality provisions: Covers delegation, execution of documents, confidentiality of information obtained by the Commission, and cooperation with foreign regulatory authorities.
• Miscellaneous: Addresses liability protection for Commission members/officers/staff, interpretation, subordinate legislation, transitional provisions, and commencement.

The Law itself does not impose direct, dated compliance obligations on regulated firms; it is enabling legislation under which the Commission derives its authority to supervise finance business, issue guidance, set fees, and take enforcement action in the Bailiwick of Guernsey (Guernsey, Alderney and Sark).

Applies to

persons carrying on finance business in the Bailiwick of Guernsey

Related documents

• Financial Services Commission (Site Visits) (Bailiwick of Guernsey) Ordinance, 2008 (Consolidated Text) is made under this document
• Financial Services Commission (Limitation of Liability) Ordinance, 1990 is made under this document
• Financial Services Commission (Fees and Administrative Penalties) Regulations, 2024 is made under this document
• Insurance Business (Bailiwick of Guernsey) Law, 2002 amends this document
• Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 amends this document
• Protection of Investors (Bailiwick of Guernsey) Law, 2020 amends this document
• Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 (Consolidated) amends this document
• Machinery of Government (Transfer of Functions) (Guernsey) Ordinance, 2003 (Consolidated text) amends this document
• Transfer of Funds (Alderney) Ordinance, 2017 amends this document
• Transfer of Funds (Guernsey) Ordinance, 2017 amends this document
• Transfer of Funds (Sark) Ordinance, 2017 amends this document
• Amalgamation and Migration of Companies (Fees payable to the Guernsey Financial Services Commission) Regulations, 2012 is made under this document