Industry News November 2017
Meet our Committee
GAT members are invited to view our new Committee page on the GAT Website which has recently been updated and includes a list of our committee members, whose valuable contributions are the key to the important work carried out by GAT within and on behalf of the Bailiwick.
Please follow the link below to view our refreshed Committee page;
Our website includes a library and our constitution, as well as an archive of our monthly newsletters and key notes. Please take the time to visit and look around.
If you have any comments on the website, questions for our committee members or wish to raise any issues relating to regulatory matters affecting the fiduciary industry, please contact us at firstname.lastname@example.org
OECD ratings statement
Further to the confirmation of Jersey and the Isle of Man’s Compliant rating at the Global Forum meeting last week, the following statement has been released in response to a number of questions primarily asking about Guernsey’s current Largely Compliant rating.
Deputy Lyndon Trott, Guernsey’s Deputy Chief Minister:
“In the first round of OECD reviews, Guernsey was rated Largely Compliant, as was Jersey. Largely Compliant is a rating also currently shared with countries such as the UK and the USA. It does not infer any failings of significance, and indeed the majority of jurisdictions received a Largely Compliant rating in the first round. Guernsey received some recommendations as part of the first round review which have subsequently been implemented.
“The first round of reviews ended and the second round commenced in 2016. The second round has a revised Terms of Reference. Jersey and the Isle of Man have had their second round reviews, which were considered by the Peer Review Group at its most recent meeting in October. The outcome was a Compliant rating for both. This is currently shared with Ireland, Italy, Mauritius and Norway. In the second round, other jurisdictions have already been rated Largely Compliant, such as Australia, Canada, Denmark, Germany and India.
“Guernsey had its second round review onsite visit by the Assessment Team in August 2017 and is awaiting the draft second round report. The report is scheduled to be considered by the OECD Peer Review Group at its June 2018 meeting.”
EU Screening Process
Members are invited to read a statement from Gavin St Pier providing an update on the EU Code Group Review.
Pensions Review – Thematic Returns 2017
During 2017, the Fiduciary Supervision Policy and Innovations Division undertook a thematic review of pension arrangements locally.
The thematic review reaffirmed that there is no ‘one size fits all’ with regard to Pension Providers in the Bailiwick, potentially a reflection of the ongoing maturing and sophistication of the sector.
The full report on these findings can be found here
Regulated Licenses 2018
Licensees holding a license during 2017 are reminded that where no request has been received by the Commission by close of business on 31 December 2017 to cancel or surrender that licence, then the (non-refundable) annual licence fee for 2018 will be payable by the licensee.
The Commission have issued a polite request to ask that where a Licensee is in a position to submit any such requests earlier, that this be done.
Beneficial Ownership Register – deadline reminder
Members are reminded that all Limited Liability Partnerships and Foundations must register their beneficial ownership details by 30th November 2017. For further guidance please visit the dedicated page on the Guernsey Registry website
Summary Minutes of the meeting held on 10th October 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. 4
Jim Wood, Detective Sergeant of The Guernsey Border Agency will provide an update and development on recent Legislation on Wednesday 6th December 2017.
Evening Lecture No. 4
Putin’s Banker & shams – keeping it real – delivered on Thursday 7th December 2017 by a number of experienced speakers; Roberta Harvey, Partner in the Contentious Trusts team at Charles Russell Speechlys; Richard Dew TEP, Barrister at 10 Old Square (committee member of the STEP Contentious Trusts and Estates SIG); and Alasdair Davidson TEP, Partner and head of the litigation and trust teams at Bedell Cristin, Guernsey
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.
CIFO Briefing Session Offerings
The Channel Islands Financial Ombusdman (CIFO) are offering briefing sessions for stakeholders on the next stage of the CIFO funding review and would like to alert GAT Members to details of the dates and times of the sessions.
CIFO will shortly be publishing consultation paper 11: CIFO Funding Structure Options and the briefing sessions will outline the progress to date and outline issues and options raised in the consultation paper.
We would ask anyone interested in attending to register for one of the sessions which are being held as follows:
|Wed 6 December||JERSEY||9-10am||To be confirmed, St Helier|
|Thurs 7 December||GUERNSEY||10.30 – 11.30am||To be confirmed, St Peter Port|
|Tues 12 December||JERSEY||9-10am||To be confirmed, St Helier|
|Wed 13 December||GUERNSEY||2 – 3pm||To be confirmed, St Peter Port|
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.
Who is Looking at Your Client Data?
Here our Sponsors, Alternative Solutions Limited, look at how your company can protect itself where it holds private data about individuals. This is a timey topic given the latest major leak of information, whether your call it the Paradise Papers or the Stolen Papers which highlighted that information security is a serious concern warranting prioritised consideration. After all, as ASL point out, the ‘potential damage to your organisation’s reputation from a security breach is incalculable.’
Learn how to increase protection by downloading the full article here.
Guernsey property update: new Document Duty legislation
With effect from 15 November 2017, a new legislative framework for Document Duty on certain transactions involving real property came into force in Guernsey. The original principal law from 1973 has been replaced with an updated law and an extended new law that captures additional transactions will also come into force alongside it.
Whilst the new legislative regime commenced on 15 November 2017, the change in practice as to the contents allowance will only apply from 1 January 2018.
To read more about the new legislation which streamlines the process for routine property transactions, please follow the link below.
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