GAT News October 2017

Industry News October 2017

GAT Banking Survey

Members are invited to participate in a short survey to collect feedback on local banks, based on your experiences managing accounts on behalf of your clients.  This information will be used as part of wider discussions with the Association of Guernsey Banks.

We thank you in advance for your honest responses to our short survey, which should take 5-10 minutes to complete.

Please click on the link below to begin (link will open in a new page)

GAT Banking Survey


2017 Financial Crime Risk Return Reminder

The Commission have issued a reminder to all financial services and prescribed businesses (with the exception of personal fiduciary licensees) that the Financial Crime Risk Return (“the Return”) is due for submission by 31 October 2017.

The Return can be found through the Commission’s Online Submissions Portal, located here

Further information on the background to the Return, as well as guidance on its completion, can be found in the guidance document available through this link:

Financial Crime Return – A Guide for Firms

Any users encountering difficulties in accessing the Online Submissions Portal or in completing the Return should contact the Commission’s Helpdesk by telephone on 733420 or e-mail support@gfsc.gg
 


Investor Protection Regulations

The Policy & Resources Committee have approved “The Investor Protection (Designated Countries and Territories) (Bailiwick of Guernsey) Regulations, 2017” (“the regulations”). The regulations came into force on 17th October.

These regulations designate certain countries and territories for the purposes of s29(1)(cc) of the Protection of Investors (Bailiwick of Guernsey) Law 1987. The effect of this is that, a firm with a main place of business in one of the jurisdictions listed in the regulations promoting controlled investments to certain licensed entities in the Bailiwick of Guernsey, does not need a licence provided that certain requirements, including the completion of a simple web based notification form, are met.

For further information and a link to the online notification form please click here.

A copy of the new regulations are available at http://www.guernseylegalresources.gg/


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

Summary Minutes of the meeting held on 12th September 2017 can be viewed via this link:

GIBA Summary Minutes September 2017


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

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 Thursday 18th January 2018 at 12.30pm.  Our local events are proving very popular and we therefore recommend early booking as soon as the invitation is released.

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

If you or your colleagues would like to check who is on our mailing list please contact us at info@guernseytrustees.org 


Guernsey Finance Map

STEP Lecture Series 2017/18

Kindly sponsored by Mourant Ozannes, details of the second lectures in the 2017/18 Series are listed below.

Lunchtime Lecture No. 3

Alison Vine, Director at Deloitte Guernsey will be presenting our 3rd lunchtime lecture on 13th November 2017 on the subject of UK Tax reporting. 

Alison will explore how HMRC obtain their information, the initiatives they have created to identify where tax reporting is required, what obligations non- UK resident trustees have to file tax returns and what happens if they don’t.

Monday 13th November 2017
The Dorey Room, St James
12pm – 1pm (Registration 11.45am)

Book your place here

Evening Lecture No. 3

Nigel Burroughs of 4 New Square Barristers will present on Prescription and Limitation – claims for and against pension trustees at our Evening Lecture on 14th November 2017.

In this seminar, Nigel will look at the different prescription and limitation periods applicable to claims by beneficiaries against their pension trustees, and the claims that the trustees might wish to make against professional advisers.

Tuesday 14th November 2017
The Dorey Room, St James
5.30pm – 6.30pm (Registration 5.15pm)

Book your place here


GTA fiduciary focused Training Courses

A number of new courses are being introduced by the GTA and are of particular interest to trustees.  By clicking on the below links you will be directed to the GTA website for further information:

Guernsey Trust cases decided in 2017 – practical lessons – 21st November from 9.00am-10.30am

HMRC and the handling of CRS data – 28th November 2017 from 9.00am-12.00pm

Guernsey directors’ duties and liabilities following Carlyle Capital – 30th November from 9.00am-1.00pm


FinVention 2017

A reminder that 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.

Online Booking is available via Eventbrite by clicking here.

Sponsor News

Requirement to correct – One year to disclose

The Requirement to Correct (‘RTC’) requires any tax issue mainly or wholly relating to offshore matters for all periods up to 5 April 2016 to be corrected by 30 September 2018.

RTC is a statutory obligation for taxpayers with overseas assets to correct any issues with their historic UK tax position.  Those who fail to do so face punitive financial penalties and other severe sanctions.

In this article our Sponsors KPMG talk about the Requirement to Correct in detail – who it affects, how they are affected and how KPMG can help.

The article can be found here – Requirement to correct – One year to disclose

STEP logo

Visibility of your systems

This month our Sponsor, Alternative Solutions Limited, looks at how to protect your data regardless of location and how a well-documented audit trail and proper information security controls can not only comply with specific GDPR requirements but also lead to greater accountability within the workplace. ASL can provide a complete auditing solution as a monthly managed service.
To learn more about what ASL can offer and how they could help your business protect itself, click here..


Are you ready for GDPR?

Our Sponsors Mourant Ozannes have released another short guide, this one to help you prepare your business for the introduction of the GDPR before the 25 May 2018 deadline.

Click here to read the article. 


STEP logo

Winning the Loser’s Game

Here ARC examines the timeless article by legendary American investor Charles Ellis, titled The Loser’s Game where the investment industry is compared to professional tennis, and identifies the crucial difference between a Winner’s Game and a Loser’s Game.  ARC consider the quandary that active managers face and give their views on the reality of the concept in current day.

You can download the article here.


Guernsey’s new pensions regulatory framework and information reporting regime

During the Summer Guernsey announced plans to introduce a new regulatory framework for the provision of pensions and pension services.  Concurrently local legislative changes were introduced to enable non-domestic pension schemes to seek approval under the tax law, with a view to providing information reporting to the local tax authority as an approved scheme.

Our Sponsors Carey Olsen have issued a briefing note identifying some of the key changes introduced by Guernsey with effect from 30 June 2017.

You can read the full article here

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