Industry News September 2017
GAT LEI Guidance Paper
GAT has prepared a guidance note regarding Legal Entity Identifiers. This issue is a hot topic for members in the fiduciary and wider finance industry as it affects trusts, companies, foundations, pension funds, and charities who use investment services within the EU or UK.
The LEI comes into force on 3 January 2018 under MiFID II, and is a unique identifier which allows for the identification of legally independent entities across financial markets. Once registered, the name and address of the entity registered for an LEI will be available to the public on a searchable database.
Further information can be found in the attached documents;
Advances in China-Guernsey relations augment local fiduciary sector
This month Guernsey Finance brings us news of Guernsey’s 10 year development in China. The signing of Memorandum of Understanding (MoU) with Chinese regulators and industry associations has provided the foundation for Guernsey to develop business and build relationships with Chinese service providers and their clients.
China-based panellists presented evidence of this at an event marking 10 years of Guernsey’s presence in Shanghai and all cited the importance of the MoUs in facilitating business with the island.
“there has been a major qualitative change in how they are now perceived. I am very positive about the future prospects of Guernsey trusts in China”
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. 2
Rupert Morris is a Guernsey Advocate and Head of Fiduciary at Walkers.
Rupert will present on proposed revisions to Guernsey’s AML/CFT Regime. This talk will look at some of the key changes proposed in the recent consultation paper and how they will affect local trust administrators should they come into force.
Tuesday 10th October 2017
The Dorey Room, St James
12pm – 1pm (Registration 11.45am)
Evening Lecture No. 2
Jenny Smithson, Macfarlanes will present on the changes to the non-dom regime, specifically following the 6 April 2017 changes to the taxation of non-UK domiciliaries (introduction of a deemed domicile rule, trust protections, rebasing and mixed fund segregation opportunity) as well as the proposed changes to be introduced with effect from 6 April 2018 (anti-conduit rule, distribution to close family member rule).
Wednesday 11th October 2017
The Dorey Room, St James
5.30pm – 6.30pm (Registration 5.15pm)
ESOP Centre / STEP Guernsey – Share Schemes and Trustees Seminar 2017
The annual half-day event, organised by the ESOP Centre in conjunction with STEP Guernsey and chaired by Malcolm Hurlston CBE, is an industry-leading networking and learning opportunity for all those interested in employee share schemes and trusteeship.
Friday 6th October 2017
St Pierre Park Hotel, St Peter Port
Save the Date – Guernsey Finance Industry Update
Date: Wednesday 24th January 2018
Venue: St James Concert and Assembly Hall
Members will hear an update on the exciting progress Guernsey Finance has made during 2017 and detail on its plans for 2018 across its target
In addition, the update will hear from the likes of Chief Executive Dominic Wheatley, Deputy Chief Executive Kate Clouston and Marketing Director Barnaby Molloy on the exciting progress Guernsey Finance has made during 2017 and more detail on its plans for 2018 across its target markets.
Expert speakers from different business sectors will be presenting the opportunities and risks for local businesses as well as exploring where big data is already having an impact on the global market.
For further details and to sign up for this event please visit
Alternatively you can book here
After its successful inaugural event in 2016, 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.
Combining three central themes – Digital Guernsey, Great People and Great Innovations – FinVention 2017 is an interactive one-day forum showcasing ‘the best of breed’ in innovative technological products and services in the FinTech, digital, creative and start-up sectors.
FinVention is open to all to attend. The products and services that will be “demoed” on the FinVention Stage will have exhibitor stands in the main conference hall so that delegates can have their own conversation with the originators of these progressive, technological and digital inventions.
Online Booking is available via Eventbrite by clicking here.
Asset Risk Consultants (“ARC”) launches new portfolio monitoring tool.
Members may be interested in Performance QuickCheck, a new free online tool for trustees designed to estimate how an investment portfolio is performing versus ARC’s Private Client Indices and ARC Charity Indices peer groups.
Accessed via ARC’s research portal www.suggestus.com, QuickCheck allows anyone to compare a portfolio’s performance against the tens of thousands of investment portfolios collected by ARC each quarter to construct both the Private Client Indices and the ARC Charity Indices. Within a few clicks, users will be able to produce a one page report that provides a health check on the portfolio.
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
A Practical Guide to the Transfer of Trusteeships, Third Edition
This useful and informative guide reviews the difficulties that arise on the transfer of trusteeships, particularly in respect of the negotiation of indemnities, and sets out a suggested approach.
You can read the full article here
Fair fees – are you getting your fair share?
What is a fair fee to pay for the services of a wealth manager or financial adviser?
There is a widespread suspicion that in many cases the answer is: less than you are paying now – if only you could get behind the figures to find out what the real all-in costs, including add-ons, actually are. Asset Risk Consultants (ARC), the company that monitors the performance of the great majority of private client firms in the UK, explain how we thinks investors should work out what a fair fee is – and how best to get value for money in future. You can download this article here.
UK Criminal Finances Act 2017
On 30 September 2017, the UK Criminal Finances Act 2017 (the CFA) came into force, bringing with it a series of challenges and effects faced by local service providers. The new rules to note are;
- failure to prevent the facilitation of UK tax evasion offences (section 45, CFA); and
- failure to prevent facilitation of foreign tax evasion offences under certain circumstances (section 46, CFA).
Thankfully there are a number of preventative measures which can be undertaken to mitigate the risk of falling fowl of these changes.
The challenges, effects and safeguarding methods have been outlined in a summary note prepared by Carey Olsen, which you can find here.
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