Guernsey allows more time for regulatory returns

Posted: 09/02/2021

The Guernsey Financial Services Commission has announced that late filing fees will not be applied to regulatory returns due to be submitted between now and the end of June, provided they are submitted within two months of the original deadline.

Although the timelines on the Commission’s online returns portal for returns will not be altered – the original dates will still show – the GFSC will not charge late fees for returns that are less than two months overdue. 

Neither will it seek to take regulatory action relating to firms for late filing unless there are other issues requiring it to act for investor protection, financial stability or financial crime prevention reasons.

Firms should notify their supervisory contact at the Commission of any significant developments in their financial circumstances. Those that are able to submit before the end of the delayed submission window are encouraged to do so. 

Auditors are also reminded of their obligations to notify the Commission as soon as possible if they become aware at any time of potentially serious issues arising within a firm or fund which they are auditing.

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