GAT News August 2017

Industry News August 2017

Save the Date – GAT Luncheon

Members are invited to save the date for the next GAT Members Luncheon which will be held in the Conservatory at Moores Hotel on Wednesday 4th October at 12.30pm.  The key topics being covered will be an update on the Legal Entity Identifier (LEI) Numbers as well as a summary of the HMRC Trust Register.

An invitation will be circulated to members in due course with further details.


Guernsey seeing positive company migration trend

Guernsey has witnessed a notable inward migration of companies, funds and other structures in the first half of 2017, according to the latest figures. Guernsey Finance talks here about the breakdown of these figures.

Guernsey Finance Technical update

Please click on the link here to download the recent news from Guernsey Finance including more on the Beneficial Ownership register and details of a new Trust brochure, which can be viewed online here.


GFSC consultation launched on licence fees paid by firms

The Commission has launched a consultation paper on its proposals for the 2018 licence fees paid by firms. The consultation period will close on Friday 8th of September.
An overall blended rate of increase of 3%, excluding anomalies, is proposed for 2018. Members are invited to respond to the consultation by 8th September 2017. Responses can be sent by post or be emailed to the Chief Operating Officer at feeconsultationresponses@gfsc.gg.


MsC Corporate Governance

The GTA University Centre is delighted to confirm that the MSc Corporate Governance will be delivered on-island, in partnership with Bournemouth University, starting on 1 September 2017. Bournemouth University developed the course in collaboration with ICSA, and successful students gain Graduate ICSA (GradICSA) status in addition to the MSc.

The MSc Corporate Governance has been a very successful and popular programme locally since its introduction 20 years ago. It is delivered on a part-time basis, over two years. On completion of the taught element students go on to complete a supervised research project to achieve the dual MSc and GradICSA qualification.

The course provides students with a highly specialised set of skills and develops the ability to appreciate and influence the factors governing corporate affairs. It is suitable for company directors, accountants, middle & senior managers, company secretaries and anyone whose position requires them to have a deep understanding and practical knowledge of how organisations should operate and be governed. Those with existing ICSA or accountancy qualifications may be eligible for the fast-track option.

As you would expect of a master’s degree this is a rigorous and demanding course which requires students to commit regular study time as well as attending the taught lectures. However, the course has been designed with flexibility in mind and the part-time format lends itself to students who are in full-time employment.

If you, or any colleagues, are interested to find out more about this course, they can visit the GTA website, or contact Kate Lenfestey on 01481 746889 or via email at kate.lenfestey@gta.gg. Applications must be made through Bournemouth University’s website.


Guernsey Finance Map

STEP Lecture Series 2017/18

The 2017/18 Lecture Series will begin on Monday 11th September 2017. STEP would like to thank its Sponsors Mourant Ozannes for sponsoring another Lecture Series for the 2017/18 year.

Lunchtime Lecture No. 1

Monday 11th September 2017
The Dorey Room, St James
12pm – 1pm (Registration 11.45am)
Book your place here

Alan Bougourd is the Registrar of the Guernsey Registry which houses the newly introduced Beneficial Ownership Register. He has been instrumental in its set up.

Fiona Crocker is Director of the Financial Crime Supervision and Policy Unit at the Guernsey Financial Services Commission. The GFSC has worked closely in the setting up of the Register.

The Beneficial Ownership Register went live on 15th August 2017. The Guernsey Registry & the GFSC were part of a panel presentation to introduce the register to GAT members at their the AGM in June. In our first lecture of the 2017/18 series, they will deliver an update on the register and their experiences so far.

Evening Lecture No. 1

Wednesday 13th September 2017
The Dorey Room, St James
5.30pm – 6.30pm (Registration 5.15pm)
Book your place here

Edward Thomas works in business development at Oxfam, his role is to engage new partners from trusts & foundations to support Oxfam’s work in over 90 countries. Edward spent a decade working in financial services latterly in the Royal Bank of Scotland’s Commercial Banking division.

Edward will be presenting on Philanthropy: an evolving relationship.


STEP Members Winter Social – Sponsors sought

STEP Guernsey are looking for Sponsors for this event. Please contact stepguernsey@step.org for sponsorship pack details.


STEP logo

2017 Autumn Trust Conference

CAREY OLSEN would like to invite members to attend their 2017 Autumn Trust Conference at St Pierre Park Hotel on Tuesday 26 September. 9am – 12pm (registration from 8.30am).

Topics to include:
  • Settlor control: a detailed analysis of recent structures which permit settlors to have varying levels of control over a trust structure
  • Disclosure of information: restricting access and data protection issues
  • Charitable trust structures and philanthropy
  • Trustee/protector remuneration
  • Offshore case law update

RSVP for this event (no charge to attend) by 1 September


The Magic Circle Awards 2018

The Premier Awards for the Financial Sector

Now in their thirteenth year, the Citywealth Magic Circle Awards were established to highlight the excellence of the advisers and managers in the private wealth sector.
The awards are judged by an international panel of highly respected practitioners from all sectors with experience of working with advisers in all the jurisdictions covered. The winners will have excelled in achievement, innovation, expertise and service. Submissions close 30th September 2017. Find out more here.


FinVention 2017

After its successful inaugural event in 2016, FinVention 2017 will be held for the second time on Wednesday 15th November 2017 at St James, St Peter Port, as part of Global Entrepreneurship Week, that is celebrated in 125 countries across six continents worldwide and is celebrated locally by Startup Guernsey.

Combining three central themes – Digital Guernsey, Great People and Great Innovations – FinVention 2017 is an interactive one-day forum showcasing ‘the best of breed’ in innovative technological products and services in the FinTech, digital, creative and start-up sectors.

FinVention is open to all to attend. The products and services that will be “demoed” on the FinVention Stage will have exhibitor stands in the main conference hall so that delegates can have their own conversation with the originators of these progressive, technological and digital inventions.

Online Booking is available via Eventbrite by clicking here.

Sponsor News

STEP logo

The tax man cometh: the criminal offences of failure to prevent tax evasion

On 30 September 2017, the UK Criminal Finances Act 2017 (the CFA) will come into force, along with its newly-focused offences of failure to prevent facilitation of tax evasion.

Given the extra-territorial ramifications of the CFA, Channel Islands businesses, especially those in the financial services and accountancy sectors will need to be astute to its challenges and effects, and take what HM Revenue & Customs has called a “risk-based and proportionate” approach to implementation of preventative procedures.

To read more about the new focus of criminal offences, potential penalties and how businesses can assess their own anti-facilitation measures, please download this update from our Sponsors.

Gold for ASL

Congratulations to our Sponsors Alternative Solutions who have recently gained gold certification to the IASME Governance Standard. In May Alternative Solutions also achieved audited assessment to the Cyber Essentials Plus scheme.
Alternative Solutions is the first company in the Channel Islands to accomplish independent certification to both standards.

You can read more about this accolade here.

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