Industry News March 2018
GAT April Luncheon
Bookings are now being taken for our second quarterly luncheon which will be held in the Conservatory at Moores Hotel on Tuesday 24th April at 12.30pm.
Our guest speaker will be Natasha Kapp of Carey Olsen and the event will include our regular whistle-stop briefing of current issues affecting the fiduciary industry delivered by our Chairman, Paul Hodgson.
We encourage members to book early to secure their place.
Please kindly note that this is a members only event – if you are unsure if you or your organisation is a member please contact firstname.lastname@example.org.
AML/CFT Handbook Feedback Update
In February the GFSC asked GAT to obtain and collate comments from the fiduciary sector on a proposed revised Chapter 8 to the AML/CFT Handbook.
The Technical Committee received detailed feedback from 6 member firms and has now submitted comments to the GFSC.
An overarching point was the high level of work which will be involved in reviewing and revising policies and procedures to meet the ACDD requirements and other changes. Other issues included potentially confusing terminology (“enhanced measures” along with ECDD) and the scope of Personal Asset-Holding Vehicles.
Many thanks to the those who responded.
GAT Summary Minutes
Please find attached the summary minutes from the last GAT Committee Meeting held on 12 March 2018.
Finance Sector Strategy Update
The development of a short-term strategy to boost Guernsey’s financial services sector is developing apace.
The work being carried out by Dr Andy Sloan, Acting Director of Strategy at Guernsey Finance, is securing industry buy-in, and campaigns on two of five workstreams identified will be launched in the next couple of weeks.
Four of five industry strategy groups have been convened and some are already meeting regularly.
“Much of the strategy, at least in its early stages, is looking to build and exploit opportunities where there is the potential to quickly create momentum,” said Dr Sloan.
“Combined with better promotion and positioning, the workstreams have the potential to be developed into a powerful Guernsey proposition.”
A more detailed update is available HERE
Two-Factor Authentication for Online Services
The Commission will soon be providing two-factor authentication (“2FA”) functionality 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 when it becomes available.
Further updates on the subject will follow.
If you want to know more about 2FA, please click here.
Online Submissions Downtime
PLease note that online submissions will be offline for an extended period over the Easter weekend whilst essential maintenance is carried out.
The Online Submissions Portal will be unavailable from 5 p.m. on Thursday 29th March until midnight on Monday 2nd April.
Engagement on draft Regulation of Fiduciaries Law
The Commission is seeking feedback on the provisions of the draft Regulation of Fiduciaries Law specifically whether the amendments may have any unintended consequences or contain fatal flaws.
The engagement paper which the Commission has published sets 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 Regulation of Fiduciaries Law may be found here:
As the States have already approved the Policy Letter, the policy in relation to the amendments to the draft Regulation of Fiduciaries Law has already been established. Thus, the Commission is not seeking responses in relation to matters of policy or policy direction.
The engagement period for the draft Regulation of Fiduciaries Law runs until midnight on Friday, 11 May 2018. Participants are encouraged to feed back any comments as soon as possible.
Mourant Ozannes Trusts Forum welcomes former FBI Special Agent
Sponsor’s Mourant Ozannes welcomed a compelling line up of speakers at their recent event including former FBI Special Agent, Gregory Coleman, who was responsible for the criminal investigation of Jordan Belfort – ‘The Wolf of Wall Street’. He has over 25 years of experience investigating financial crimes and money laundering.
The former FBI agent said the days of ‘dirty business’ on Guernsey are largely over.
Now a public speaker and anti money-laundering trainer, Mr Coleman visited the island to talk about the tangible effects of financial crime and the first-hand details of his most famous case, at the Mourant Ozannes Trusts Forum.
Mourant Ozannes partner Matthew Guthrie said he was grateful to Butterfield for helping to bring over the keynote speaker to inspire the guests.
‘This is a real coup for us, I’m sure what Mr Coleman has to say will resonate. Most people will never see anything come across their desk which is fraudulent so this is a really important opportunity for them,’ he said.
An interview with Gregory Coleman will appear in the next issue of our Business Brief magazine.
Ahead of its time’ Guernsey Trusts Law reaches 10-year anniversary
The Guernsey Trusts Law remains a reminder of the jurisdiction’s ability to innovate and to adapt to changing market conditions, according to leading trust and fiduciary lawyer Russell Clark.
17 March 2018 marked 10 years since the Trusts (Guernsey) Law, 2007, came into full effect. The legislation, which replaced the Trusts (Guernsey) Law, 1989, was designed to create a more flexible framework for the local trust industry and to provide better protection for both settlors and trustees.
Mr Clark, who heads up the trust and private wealth practice at Carey Olsen, said the legislation was ahead of its time when in came into force 10 years ago and that continued to be the case today.
The UK Privy Council has given its approval to Guernsey’s new Data Protection Law
The new law, which implements Europe’s requirements under the General Data Protection Regulation (GDPR) and the Law Enforcement Directive, will now come into force on 25 May – the same day that the GDPR comes into effect across all EU Member States.
Privy Council approval of the Data Protection (Bailiwick of Guernsey) Law, 2017 follows its approval in February of the Data Protection (Jersey) Law 2018 and the Data Protection Authority (Jersey) Law 2018.
Carey Olsen partner Elaine Gray said: “GDPR will impact all business in the Channel Islands when it comes into force on 25 May, so it is therefore reassuring that both Guernsey and Jersey have gained Privy Council approval for their respective laws well in advance of the go-live date. It demonstrates that we are at the front of the regulatory track and that people can rely on the jurisdictions for secure transactions and good standards of business.”
Guernsey and Jersey have also recently secured commitment from the European Commission regarding the continuation of their ‘adequacy status’ relating to data protection standards. The commitment came following a meeting between the Guernsey and Jersey governments and the European Commission’s Directorate General for Justice and Consumers.
Further information on the introduction of the GDPR is available here; Channel Islands Guide to the General Data Protection Regulation and on the GDPR information portal.
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. 8 will take place on 17th April 2018 at 12pm.
Maurice Turnor Gardner, boutique private client law firm will provide an overview of the transparency initiatives which affect private clients by exploring the framework and interaction between the existing and proposed registers of beneficial ownership for UK companies, trusts and UK real estate.
Evening Lecture No. 8 will take place on 19th April 2018 at 5.30pm.
Sparrows Capital will provide an understanding of why Passive investment management is gaining traction and how to discuss it with clients.
Their introduction to evidence-based Investing will look at;
- Factor Investing
- The complementary roles of Active and Passive in portfolio design
STEP Guernsey Annual Conference 2018
The STEP Guernsey Branch invite members and non-members to attend the annual STEP Conference at Beau Sejour on 21 June 2018.
STEP Guernsey’s flagship event, sponsored by Carey Olsen, allows delegates to meet, network and gain important knowledge and technical updates from outstanding speakers in the industry.
Costs below are per delegate (including refreshments, buffet lunch, delegate pack and Certificate of Attendance).
Early-bird offer available until Wednesday 20 May 2018;
STEP member = £150
Non-member = £180
*If you are a STEP member booking online, please use the discount code ‘Member’
Topics and speakers confirmed so far.
- Vulnerable gifts for vulnerable people (Wilberforce Chambers – Andrew Child)
- KEYNOTE – How to deal with a PR disaster (Lansons – Tony Langham)
- Tax Update (Charles Russell Speechlys – Piers Masters)
- Tax – new regime for beneficial ownership and non-compliance (Maurice Turnor Gardner –)
- Law – Case reporting (Ogier –Mathew Newman)
- STEP Worldwide update (STEP – Nigel Race)
- PANEL – Managing cryptocurrencies as a Trustee
- Mishcon de Reya – Helen Cox
- Centillion Consulting – Jo Carre
- GFSC – Gillian Browning
Trusts and art assets seminar: an insight into the world of holding art as a trust asset with Taylor Wessing
Being held on 17 April 2018, this event is aimed at trustees and art collectors who are involved in purchasing, managing and distributing art assets held in Guernsey trusts.
Valuable art assets are frequently held in trusts. This specialist asset class has its own unique set of issues and considerations for trustees and collectors, who are involved in holding art as collections or individual pieces. The event will cover:
- Purchasing, holding and selling art
- Structuring options
- Tips and tricks for avoiding disputes
Carey Olsen partner Natasha Kapp and associate Julia Schaefer will be joined by partner Shane Gleghorn and senior associate Adil Essajee from international law firm, Taylor Wessing. The event will be followed by drinks and canapés in the gallery of Candie Museum.
3:45pm: Registration, 4:30pm – 5:15pm: Seminar, 5:15pm – 7pm: Drinks and canapés
Please RSVP to Katie Rooney, please note that places are limited.
Requirement to correct
Sponsors KPMG have circulated an article on HMRC’s continued crackdown on offshore tax non-compliance with the introduction of a legal obligation for those impacted to correct any issue in relation to their ‘offshore matters’ that has given rise to a UK tax liability. This requirement is described as a ‘Requirement to Correct (“RTC”)’.
‘Tilting at Windmills’
Our Sponsors, ARC have written an article which address some aspects that private client intermediaries such as trustees should consider with regards to MiFID II.
To read the article please click the link below.
Why Do You Need an Information Security Officer?
Our Sponsors, ASL have written an article on how Information Security Officers (ISOs) establish and enforce security policies and procedures to protect an organisation’s computer infrastructure, networks and data. ISOs play a vital role in protecting the organisation and its reputation by helping to prevent a data breach which can result in business disruption, loss of confidential or commercially sensitive data which can lead to a financial loss.
To read the article please click the link below:
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