GAT News February 2018

Industry News February 2018

Membership Subscriptions

Many thanks to those members that have already settled their annual subscription fees.  Members who have yet to arrange payment are politely requested to do so as soon as possible.  If you have not received your invoice for 2018 please contact us at

GAT have been pleased to accept a number of new members for 2018 and extend a warm welcome to those joining the existing membership.

The Committee work hard to achieve GAT’s aims both on Island and beyond.  Members are invited to review the objectives set out in the GAT constitution – an update on these efforts will feature in the March newsletter.

Review of Private Trust Company and Foundations Regimes in Guernsey – seeking feedback

The GAT Technical Committee have been reviewing Guernsey’s Private Trust Company and Foundations regimes with the GFSC to consider how we can make them more attractive in comparison to our main jurisdictional competitors.

Can member firms who have experience and suggestions on how Guernsey can improve its offering please get in touch as we would like to hear from you?

Similarly if you are aware why professional advisers may use other jurisdictions over Guernsey this market intelligence would be useful to know and help support any changes which may be needed to our own regime.

Finally if you would like to participate in a small working party to assess the findings and help frame proposals to the GFSC we would appreciate your help and look forward to hearing from you.  Email us at if you can help.

Multi-million pound Guernsey Investment Fund launches

The launch of a multi-million pound investment fund has been hailed as a significant milestone for Guernsey’s economy; signalling that the island is very much open for business.

Guernsey’s government, The States of Guernsey, is the major seed investor in the fund, providing £25 million backing, and further investment is being sought from the private sector.

The Fund has dual objectives: to generate profits for investors; and to invest in projects and companies with a Bailiwick focus.

You can read more about the new fund here.

Financial Resources Requirements Rules 2018 issued

Following consultation GAT and other parties, the Commission have issued the FRR Rules, which come into force today, on 28 February 2018.

The Commission have advised that these rules are intended to provide a level of assurance that all full fiduciary licensees are in a sound financial position and are therefore able to facilitate an orderly wind down or manage a distressed situation.  The Rules include a grandfathering period that concludes on 31 March 2019.

The FRR Rules, together with consolidated text versions of the various Codes of Practice, are available on the Fiduciary Legislation and Guidance page of the Commission’s website.

Engagement on Draft Protection of Investors Law and proposed definitions

GAT have been contacted to advise that the Commission is seeking feedback on the provisions of the draft Protection of Investors Law and the definitions which are proposed to be used across the revised supervisory laws and specifically whether these may have any unintended consequences or contain fatal flaws.

The engagement papers which the Commission has published set out the topics upon which assistance is requested and questions regarding unintended consequences and whether there are any significant issues in relation to specific provisions or proposed definitions.

The engagement paper in relation to the amendment to the Protection of Investors Law may be found here:

The engagement paper in relation to the amendment to the proposed definitions may be found here:

Members are invited to respond on the draft Protection of Investors Law before 30 March 2018 and before Saturday, 30th June 2018 for the proposed definitions.  Feedback is to be submitted online at the Citizen Space Consultation Hub.

Further details can be found on the GFSC website

Lending, Credit & Finance Feedback published

In September 2017 the GFSC issued the Consultation Paper in respect of Lending, Credit and Finance and GAT invited members affected to respond directly.

The Consultation Paper sought to formulate a legislative framework which (1) promotes growth in respect of lending, credit and financial services, (2) provides compliance with international AML/CFT standards and (3) protects the interests of the consumer.

The Commission has issued a Feedback Statement regarding the LCF Consultation Paper on the GFSC Citizen Space Consultation Hub.

Feedback Statement

Alternative Investment Market  – Fiduciaries Law regulated activity exemptions

Members should note the following clarification by the Commission.

“The Commission would like to clarify that it considers the LSE’s AIM market as qualifying as a recognised exchange for the purposes of applying exemptions under the regulated activity of acting as a director under the Fiduciaries Law.”

Forthcoming Events

Guernsey Finance Map

Events Calendar

Remember to check our Events Calendar for Industry presentations and other events that may be of interest.

Guernsey Finance Map

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. 7 will take place on 14th March 2018 at 12pm.

Jessica Roland of Mourant Ozannes is presenting on GDPR/Cybersecurity. With the implementation of GDPR and Guernsey equivalent data protection legislation only a couple of months away, an understanding of the impact of the new regime is essential.

Book your place for Lunchtime Lecture 7 here

Evening Lecture No. 7 will take place on 15th March 2018 at 5.30pm.

Deputy Gavin St Pier, President, Policy & Resources Committee/Chief Minister is examining the current state of affairs locally with a presentation titled Is Guernsey really open for business? Guernsey faces many challenges if it is to continue to be a competitive place for fiduciary and financial services.

Book your place for Evening Lecture 7 here

Guernsey Finance Map

International Trust & Private Client Guernsey conference

The 7th edition of the International Trust & Private Client Guernsey conference is taking place on 13 March 2018.

The conference seeks to deliver expert insight from 25+ international speakers from across the spectrum of the industry, including Dominic Wheatley, Chief Executive of Guernsey Finance.

The event will focus on four key themes;

  • Tax changes for Private Client Advisors
  • Trustee issues
  • Structuring and planning challenges
  • Future trends, opportunities and threats

To find out more and secure your place visit International Trust & Private Client Forum Guernsey website

Guernsey Finance Map

The Mourant Ozannes Guernsey Trusts Forum

Mourant Ozannes’ Annual International Trust and Private Client Forum – 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 insight on key topics in the trust and private client sector.

Members can find out more and register by following this link.

Members are also advised that the Mourant Ozannes Jersey Trusts Forum is being held on 22nd March 2018 at L’Horizon Hotel & Spa, St Brelades, and details can be found here.

Guernsey Finance Map

GTA 2018 Courses and Events

The GTA University Centre have the following courses which may be of interest to members;

ICA International Advanced Certificate in Compliance
starts 26 March 2018
This course is an intermediate level 4 qualification, where you will develop a practical understanding of regulatory compliance principles and how businesses can implement and comply with them.
ICA International Advance Cert Compliance

STEP Certificate in International Trust Management
30 March 2018 (closing date for enrolment)
This course offers you a detailed insight into the creation and administration of trusts in an international context and increases your knowledge of the practical and academic issues arising in the industry. The course is delivered through CLTI’s online learning platform and four days of locally taught face-to-face tuition, taking four to six months to complete. The four day workshop will take place on 24, 25, 26 and 27 September 2018.
STEP International Trust Management

Trust and Company Bookkeeping – Level 1
16 May 2018  09:00-17:00
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.
Trust and Company Bookkeeping – Level 1

IoD Introductory Certificate In Board Readiness
starts 24 May 2018  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.
IoD Introductory Certificate In Board Readiness

STEP Conference
21 June 2018  09:00-16:45
£150 – STEP members (early bird)
£180 – Non members (early bird)
STEP Guernsey’s flagship event, sponsored by Carey Olsen, allows you to meet, network and gain important knowledge and technical updates from outstanding speakers in the industry. More details to follow in early March 2018. Please note: early bird rates apply on bookings made on or before 20 May 2018.
STEP Conference

Sponsor News

In the Matter of the E Trust

Ours Sponsors Carey Olsen examine developments in Bermudian law further to a recent decision laid down by the Supreme Court of Bermuda in the Matter of the E Trust [2017] SC (Bda) 103 Civ in which the Chief Justice grappled with a potential clash between the jurisdiction of the Bermuda and Jersey Court over a Bermuda law trust.

Click on the link below to read the full article.

Read the article

Guernsey Private Trust Foundations

Our Sponsors, Mourant Ozannes, have released a brief summary on Guernsey foundations and their use as trustee of Guernsey law trusts.  They examine a number of the key factors in this arrangement including Regulation, Public information and Trustee obligations.

To read the article please click the link below.

Read article here

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