Industry News April 2018
NEW DATE! GAT LUNCHEON AND AGM – 23 MAY 2018
Many of you will be aware that unfortunately, we postponed our quarterly luncheon this month due to untimely weather disruption to travel. Our event indeed would not have been the same without our valuable committee members in attendance, therefore we appreciate your understanding.
We have now rearranged our luncheon and this will be held on Wednesday 23rd May 2018 at 12.30pm in the Conservatory at Moores Hotel.
Natasha Kapp of Carey Olsen will be presenting on the topic ‘The Guernsey Trusts law-10 years and beyond’. Natasha will examine the continued evolution of the solutions we offer in Guernsey, including foundations, reviewing what refinements, changes and additions are being considered to the Trusts Law to keep us up to date. She will open the floor to members to discuss practical issues arising and explore what other changes or improvements would help Guernsey stay at the forefront of developments and solutions. To this end, if you have any examples or questions that you would like to put forward you can email these to us at firstname.lastname@example.org.
Our luncheon will also feature our Annual General Meeting for 2018 during which our Chairman, Paul Hodgson will deliver a summary of 2017/18 highlighting some of the key pieces of work GAT has been involved with during this period as well as outlining what is on the horizon for GAT and the Industry itself.
Our popular events give members the opportunity to network and to catch up on relevant news among peers on issues that affect the fiduciary community.
As always we encourage members to book early to secure their place. The ticket price includes a buffet lunch served from 12.30pm.
The GAT/STEP Combined Technical Committee are currently reviewing the Engagement on the draft Regulation of Fiduciaries Law and will issue a response prior to the closing date of 11 May 2018.
The Commission are specifically considering whether the amendments may have any unintended consequences or contain fatal flaws. The engagement paper in relation to the amendment to the Regulation of Fiduciaries Law may be found here:
If Members have any specific concerns regarding the provisions of the draft law they are asked to email these to the Technical Committee at email@example.com no later than 7 May 2018.
Guernsey aiming to be ‘green investment’ leader
Guernsey is looking to position itself as the ‘go to’ jurisdiction for green financial services.
The new development strategy for the island’s financial services sector includes a focus on ‘green investment’.
Guernsey Finance Acting Director of Strategy Dr Andy Sloan said that the ambition was to develop the broadest and best range of product with a green focus among international finance centres, incorporating investment, securities and insurance markets and services.
Please read more HERE.
Confidentiality in a transparent age
Guernsey Finance Chief Executive Dominic Wheatley was recently part of a conference discussion panel on ‘Confidentiality in a transparent age’. In an article for International Adviser, he discusses this highly topical issue which has profound considerations for many aspects of modern civil society.
Please read the article HERE.
Regulation becomes The Opportunity for Guernsey
In an innovative move in mid-March, Guernsey Finance led a delegation of the island’s professional services firms to New York, seeking to capitalise on what they see as a growing opportunity for Guernsey to attract business from wealthy Americans.
On the topic of US clients, who were once shunned as an overly complex client base following the introduction of the Foreign Account Tax Compliance Act (FATCA) in 2010, opinions have now changed, and professionals see this as the opportunity to attract a powerful niche. Kate Clouston, Deputy CEO at Guernsey Finance explains why.
“The interest in the US has been growing because implementation of FATCA reporting went well, and now that we have the Common Reporting Standard and other reporting requirements, US citizens aren’t the onerous clients that they were in the past, because we have the same amount of reporting for everyone.”
Throw in the fact that many Guernsey structures involve sizeable cross-border families that include some American residents, it is no surprise advisers have had to get up to speed on working with US clients. Having done so, they now want more US work, and the demand is there.
Read more HERE.
Guernsey Finance’s new London representative will enhance City connections
Guernsey Finance has stepped up its work in London and expects connections with the capital to grow further with the confirmed appointment of its new London Representative.
The island’s promotional agency is pleased to announce Adrian Norman as its latest member of the team. He will be permanently based in London with a remit to further promote awareness of the island’s finance offering, to educate about Guernsey’s financial services, and to connect London professionals with Guernsey practitioners.
Mr Norman is Guernsey-born and has 25 years of finance experience, more than 20 of those in the island, where he has worked across funds, private wealth and banking at firms such as Credit Suisse, Northern Trust, Carey Group, Ogier and Odey Wealth. His role at Odey took him to London in 2014, where he was Head of Operations with Odey Asset Management. He has experience of working with funds domiciled in multiple jurisdictions.
GFSC signs MoU with Bank of England
The GFSC has signed a Memorandum of Understanding (MoU) with the Bank of England.
The new agreement is a reaffirmation of a long-held relationship between the Guernsey regulator and the Bank’s Prudential Regulation Authority (PRA), which dates back to the days of the PRA’s predecessor, the Financial Services Authority. Through it, both parties will be able to share confidential information about regulated entities and formally co-operate on other supervision activities.
The PRA is a part of the Bank of England and responsible for the prudential regulation and supervision of banks, insurers and major investment firms, regulating some 1,700 financial firms.
Read more HERE.
Two-Factor Authentication for Online Submissions now available
Two-factor authentication (“2FA”) functionality is now available on the Online Submissions Portal.
This is in line with the Commission’s commitment to continually improving the security of licensee data.
If your organisation promotes the use of 2FA, then please ensure that your portal users opt in to use the functionality.
A guide with instructions is available here.
GIBA Summary Minutes
Summary Minutes of the meeting held on 13th March can be viewed via this link:
Remember to check our Events Calendar for Industry presentations and other events that may be of interest.
STEP Lecture Series 2017/18
Kindly sponsored by Mourant Ozannes, details of the upcoming lectures in the 2017/18 series are listed below.
Lunchtime Lecture No. 9 will take place on 15th May 2018 at 12pm.
Thalia El Chammah founder of Garm Ltd will present on enhanced due diligence through human source intelligence, which is a key add on to compliance/ public-record based searches which are non-exhaustive.
It is key for trusts, financial companies, lawyers and investors to fully understand subjects’ background through on-the-ground research which will provide context and a better understanding of how they are dealing with, prior to signing on a client, or investing in a business deal. Examples and case studies will be provided.
Evening Lecture No. 9 will take place on 16th May 2018 at 5.30pm.
Camilla Wallace, Wedlake Bell is providing an overview on what lenders must consider under the consumer credit regime before they make any loan to an individual based in the UK.
In short, if the loans do not comply with the UK’s consumer credit legislation then tax can be triggered unknowingly and repayment impossible to enforce.
STOP THE PRESS! “Guernsey Question Time” with the greatest panel …ever!!
The Guernsey International Legal Association is proud to present “Guernsey Question Time” with a most distinguished panel comprised of:
– His Excellency The Lieutenant-Governor – Sir Ian Corder
– The Bailiff – Sir Richard Collas
– The Chief Minister – Gavin St Pier
– H.M. Procureur – Megan Pullum Q.C.
In what promises to be a fascinating insight and lively debate moderated by Gordon Dawes, the panel will answer questions about their offices, current issues of concern, Brexit, the constitution and anything relating to Guernsey and its place in the world.
Tuesday 15 May 2018, 6 – 7.30pm at The Old Government House Hotel
Price: GILA members £10 / Non Members £15
Event Information: Drinks will be served on arrival and after the session.
RSVP: Chet Pohl – firstname.lastname@example.org
This is certain to be a sell-out event, so be quick to avoid missing out!
GTA Training and Courses
Launch – MSc Corporate Governance Fast-Track 2018
1 May (13:00-14:00) Free
Come along to this free lunchtime launch to find out more about the MSc Corporate Governance Fast-Track programme delivered on-island by Bournemouth University, starting on 7 September 2018. You will have the opportunity to ask questions about the course and meet with other prospective students. A buffet lunch will be provided.
Trust and Company Bookkeeping – Level 1
16 May (09:00-17:00 ) £295
Aimed at trust administrators and those new to client accounting, this session provides grounding in basic trust and company accounting.
This session would be especially beneficial if you are studying for studying STEP Foundation and ICSA certificate.
IoD Introductory Certificate In Board Readiness
starts 24 May (09:00-17:00 – 3 days) £1,950 (£1,750 IoD members)
This 3-day programme is specifically tailored to managers or leaders who report to a board, but it is also suitable for anyone looking to develop their leadership skills.
MSc Corporate Governance/Graduate ICSA – Fast Track
Starts 7 September £6,995
This one year, fast track programme, provides dual qualifications – MSc Corporate Governance and Grad ICSA. Taught in Guernsey, this part-time course will be delivered on-island by Bournemouth University lecturers. This fast track route is open to holders of full ICSA Professional, CCAB, ACA, ACCA and CIMA or equivalent.
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