Industry News December 2017
The GAT Committee would like to take this opportunity to extend warm wishes to their Members for the Christmas period and to thank Members for their continued support and engagement during 2017.
With best wishes for a happy, healthy and prosperous New Year.
GAT Members Lunch
Members are invited to the first lunch of 2018 to be held on 18th January at Moores Hotel.
Our Chair Paul Hodgson will be giving his quarterly industry roundup and Christopher Edwards of Mourant Ozannes will be looking at “Trusts and Tax Planning – where are we now?“
Click below for more details and to book.
Members are respectfully advised to book as early as possible in order to secure their place.
GAT Summary Minutes
Summary minutes of the GAT Committee Meeting held on 11 December 2017 can be downloaded below.
Pensions Review Feedback
The Pension Licensees (Conduct of Business) & Domestic and International Pension Scheme and Gratuity Scheme Rules (No.2) 2017 were issued by the Commission on 25 August 2017.
GAT is not intending to issue any comments in relation to the new rules, however members affected should contact the Commission directly with their suggestions.
Those affected are invited to e-mail email@example.com before 28 February 2018.
Guernsey – a cooperative jurisdiction
On 13th December a statement was issued by the President of the Policy & Resources Committee regarding the EU Council of Finance Ministers, ECOFIN, formally reaffirming Guernsey’s status as a cooperative jurisdiction.
To read this statement please click here.
LEI – The International Stock Exchange (TISE)
What is an LEI? An LEI is a unique 20-character alphanumeric identification code designed for regulators to globally identify all legal entities that are engaging in financial transactions.
Which entities must have an LEI? Some entities have already been required to have an LEI but the scope is set to widen significantly. From 3 January 2018, all entities within the EU, including the UK, which are subject to the Market in Financial Instruments Directive II (MiFID II) and its associated regulations – or non-EU entities wishing to transact with such entities – must have an LEI. “No LEI, No Trade.”
TISE’s LEI service: TISE is now able to act as an easily accessible conduit through which its member firms AND also non-member firms (i.e. those without a pre-existing relationship with TISE) are able to obtain LEIs from the London Stock Exchange (LSE).
· A service from within the Crown Dependencies
· Open to existing Members and also non-Member firms
· May be used by firms for their own entities and/or those of their clients
· May be used for a single LEI or multiple LEIs
· Administration hub for obtaining, renewing and maintaining LEIs with the LSE
· Approachable team available to assist you
· Each LEI request received has an initial set up fee of £155
· Each LEI has an annual renewal fee of £95
Next steps – For more information or to submit an application, please visit our new LEI Service webpage:http://www.tisegroup.com/lei-service/
Please note that the LEI Service terms and conditions on that webpage must be read, understood and accepted prior to any application being submitted.
The Commission has published a guide to financial services regulation in the Bailiwick which is intended to clarify and explain regulation in a non-legal way. To view or download a copy please click here.
At the same time, the Commission has taken the opportunity to republish its guide to risk based supervision in Guernsey which was first published in April 2016. To view or download a copy please click here.
CI Financial Ombudsman Future Funding Structure Options
The CIFO issued its ‘Future Funding Structure Options Consultation Paper 11′ on 5 December 2017.
The document can be found here.
Members are advised that GAT do not intend to submit a response in relation to the proposals set out in the paper but individual members affected should comment directly if they are affected.
As noted in the Consultation Paper 11, responses should be sent in writing by email to firstname.lastname@example.org or by post to Channel Islands Financial Ombudsman, P O Box 114, Jersey, JE4 9QG, no later than 7 February 2018. Responses may be published
GIBA Summary Minutes
Summary Minutes of the meeting held on 14th November 2017 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 fourth lectures in the 2017/18 Series are listed below.
Lunchtime Lecture No. 5 will take place on 10th January 2018 at 12pm.
Ben Rhodes, Director at Grant Thornton, will present for STEP on Fraud & Insolvency in the Channel Islands and abroad. Drawing upon his experiences as a Fraud Examiner and Insolvency Practitioner, he will provide an overview of occupational fraud, he will highlight some of the typical characteristics of a fraudster, and will discuss measures that can be taken to detect or prevent fraud.
Evening Lecture No. 5 will take place on 11th January 2018 at 5.30pm.
Steve Wakelin, Chief Strategy and Policy Officer & Jo Reeve, Director of International Relations and External Affairs will present an overview of external relations challenges facing Guernsey and the States external relations priorities for 2018. They will look at the importance of Guernsey’s trading relationships, how it is positioning itself and the major challenges expected during 2018.
GTA 2018 Courses
The GTA University Centre have the following courses which may be of interest to members;
Introduction to Trust Law and Administration
15 January 2018 – The aim of this course is for delegates to be given an overview of the Guernsey trust law and its application to trust administration. Although the theory will be covered the emphasis is on why things are done in the workplace.
STEP Professional Development Open Evening
20 February 2018 – STEP Professional Development Open Evenings allow you to explore the programmes and development pathways available, whilst providing you with a platform to network with other industry practitioners, and meet members of the CLTI/STEP team.
Integrity matters – half day employment law conference
In association with the Guernsey Training Agency, Carey Olsen are offering a unique, interactive event that will explore the role of integrity in the modern employment relationship, with a particular focus on the financial services sector. The course will take place on the morning of 24th January 2018 at St Pierre Park Hotel.
Speakers will include employment specialists from Carey Olsen, together with a representative from the Guernsey Financial Services Commission, and experts from the field of forensic computing and leadership training.
For more information or to book a place, please click here.
International Trust and Private Client Conference – Guernsey
Mourant Ozannes’ Annual International Trust and Private Client Conference – Guernsey will take place on 20th March 2018.
TIME: 9:00am – 5:30pm | Conference 5:30pm – 7:00pm | Drinks reception
VENUE: The Farmhouse, St Saviours, Guernsey
PRICE: £125 per ticket
The event will host a fascinating keynote speaker, Gregory Coleman – the FBI Special Agent responsible for the criminal investigation of Jordan Belfort (from Wolf of Wall Street fame). It will also feature experts from leading firms including our own Chairman, Paul Hodgson, who will share their insights on key topics in the trust and private client sector.
Members can find out more and register by following this link.
Schemes of arrangement in vogue
In an unprecedented time where public mergers and acquisitions activity being undertaken via scheme of arrangement in Guernsey is rife, Abel Lyle and Alex Davies examine this transfer method as the favoured alternative to the well-established contractual takeover route.
Download the article here
Don’t use an illusion when establishing trusts
In JSC Meshdunaodniy Promyshlenniy Bank and ors v Sergei Viktorovich Pugachev and ors  EWHC 2426 (Ch) the English High Court has ruled that Mr Pugachev, the former Russian oligarch, who was the settlor, protector and a discretionary beneficiary of five New Zealand trusts, did in fact retain ultimate ownership and control of the trust assets. As a consequence, those assets were open to attack by Mr Pugachev’s creditors.
Here Hector Robinson QC and Andrew Peedom, both of Mourant Ozannes Cayman Islands examine the facts, the judgement and how we can all learn from this case.
Click here to view this briefing.
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