GAT News September 2018

Industry News September 2018


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Welcome to our September Newsletter

Special Event – Enforcement Division “the 19%”

GAT/STEP/GFSC Combined Breakfast Briefing

This discussion will be led by Simon Gaudion, Director of the Enforcement Division and Callum McVean, Deputy Director, Enforcement Division and will be moderated by Paul Hodgson, GAT Chairman.

This is a unique opportunity to understand more about the enforcement process. The discussion will focus on those cases which have been assessed by the Enforcement Division and have been referred back to the Supervisory Division without sanctions. It will outline what it was that differentiated them from those who were sanctioned. Through examination of the referral and decision making process the enforcement officers will highlight some of the 'red flags' and provide examples of key mitigants. This discussion will include a question and answer session with the audience.

This event is open to all individuals from any sector and is priced as follows:

  • £20 for STEP/GAT members
  • £10 for STEP student members
  • £30 for Non-members of either organisation

Booking via the button below which will take you through to Eventbrite.

Book now

Members Luncheon Invitation

Members are reminded that our next GAT Luncheon will take place on Wednesday 3rd October 2018 in the Conservatory at Moores Hotel.

The EU mandatory disclosure regime for cross-border transactions came into effect on 25 June 2018.  We are delighted to welcome Tony Mancini of KPMG to our next Member’s luncheon who will cover the salient points of the new reporting requirements and highlight areas of uncertainty. 

Our luncheon will also feature an industry update from GAT Committee Member and previous Chairman, Mark Pattimore.

Click below to book.

Book now






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Guernsey Finance seeking new London Representative to build on positive steps

Guernsey Finance is recruiting for a new London Representative to continue the good work done in enhancing business connections with the capital over the last few months by Adrian Norman.

Feedback Guernsey Finance has received suggests that having a permanent presence in London has been of real value to both the promotional agency and the island’s finance industry as a whole.

The successful applicant would have a remit to further promote awareness of Guernsey’s finance offering, educate about Guernsey’s financial services, and connect London professionals with Guernsey practitioners.

The London Representative will be permanently based in the capital, working from home but with access to appropriate work environments in the City for meetings, on-the-go office work, and communications during work hours.

Click here to view the job description. If you or a colleague are interested in the role, email dom@weareguernsey.com.


“The relationship between regulation and economic growth.”

The Commission’s Director General, William Mason, was the guest speaker at the Chamber of Commerce luncheon event held on the 17th September.

Mr Mason explored the positive relationship that can exist between regulation and economic growth. He posited that the key issue is not whether growth and regulation can co-exist but rather what level and type of regulation is optimal for economic growth. He suggested that good regulation can create an environment where people are secure enough to execute trades and make investments which they would otherwise have been unwilling to make, thereby driving economic growth.

During his speech, Mr Mason set out what the Commission is doing to try to facilitate the growth of the Guernsey financial services sector and to strengthen the Bailiwick’s position in order to preserve economic prosperity. Mr Mason also took the opportunity to dispel some myths around the Commission’s enforcement activities.

A copy of the full speech can be accessed via this link.









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More complex needs allow Guernsey’s fiduciary sector to shine

Guernsey’s private wealth sector is moving towards dealing with larger, more complex clients where the real breadth and depth of experience on the island can add value, as explained by our GAT Committee members.

Trust Corporation International Group Chairman Michael Betley and long standing GAT Committee Member said the higher complexity and technicality of wealth planning was in part caused by globalisation with many wealthy families contending with multi-jurisdictional needs.

He added: “Furthermore, there is a greater element of multi-generational interest and involvement in structures, especially with millennials being more tech savvy, giving them access to more information compared with their predecessors. This at a time when there has never been more international regulation with a greater drive towards transparency. Quality practice and advice has never been so important.”

Alasdair McLaren, Guernsey Association of Trustees (GAT) Committee Member, immediate past chair of STEP Guernsey and Director at First Names Group (Guernsey), said the general mood amongst practitioners was very positive.

He said: “The client base for Guernsey practitioners continues to be driven by succession and estate planning and asset protection for international families. We’ve also seen a growth in corporate fiduciary work.”

Read the full article here which includes details of Guernsey’s first ever Private Wealth Forum.


Walkers Lawyers named in IFC Powerwomen Top 200

Congratulations to GAT Sponsor Walkers who has once again been recognised for its strength as a leading international law firm. Six of Walkers' leading lawyers have been included in this year's CityWealth IFC Powerwomen Top 200, including Guernsey's Alison Ozanne. 

The IFC Powerwomen Top 200 list focuses on professionals in the global private wealth industry and celebrates powerful women. It recognises women of achievement who are trailblazers in their field, helping to promote business excellence in their home jurisdiction and consolidating the reputations of the financial services industry globally.

Clients quoted by CityWealth and the leading legal directories describe Walkers' Guernsey woman Alison Ozanne as follows:

"Alison is a consummate professional, versatile of mind, able to provide timely, concise and meaningful legal opinions on the most complex of fiduciary matters. Her communication skills make her an excellent interface with our UHNW clientele."

Read more here



GIBA Summary Minutes

Please find below a link to the summary minutes for August’s meeting of GIBA Council

August GIBA Summary Minutes


Forthcoming Events

Guernsey Finance Map

Events Calendar

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


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STEP Lecture Series 2018/19

Lunchtime Lecture 2

4th October – 12-1pm

Dorey Room, St James

Considering the scope of the rule of Hastings Bass in Guernsey via M v St Annes Trustees and Liang v RBC Trustees (Guernsey) Ltd

Advocate Anthony Williams of Appleby (Guernsey) LLP, will discuss the recent ground breaking decisions of the Guernsey Courts in M v St Anne’s Trustees and Liang v RBC Trustees (Guernsey) Ltd, which have an important impact on the administration of Trusts in Guernsey. M v St Anne’s Trustees considered the scope of the rule of Hastings Bass in Guernsey.

For a full biography and more details please visit our website: stepguernsey.org

Click on the image below to book your place.


GAT/STEP/GFSC Special Event

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Leading the way – the Channel Islands as a global hub of ESOT specialism

The Esop Institute, in partnership with STEP Guernsey, will be hosting this year's Guernsey share schemes and trustees seminar.

This is being held at the Old Government House Hotel St Peter Port, Guernsey on Friday November 30th 2018.

Taking the ESOT to emerging markets – challenges and opportunities; JSOPs – the role of the Trustee: An outline of current issues and the future of JSOPs; "Information overload – now what?” focusing on tax avoidance/evasion; The application of the ‘disguised remuneration’ and ‘outstanding loan’ legislation to employees’ trusts.

Prices
Esop Centre/STEP members: £375
Non-members: £480

Bookings
E: events@esopcentre.com
T: 020 7239 4971


GILA – An evening with Geoffrey Robertson QC

As we featured last month, each year GILA organises a number of events and their flagship event this year is a talk by Geoffrey Robertson QC in the Royal Court followed by a champagne reception and dinner at the OGH on Thursday 11 October 2018.

Please advise your members that they can book their place by emailing me at esme.higgs@gov.gg or via the GILA Eventbrite page



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‘Regulations – part 2’ hosted by Walkers

Walkers is to host its October Regulation (Part 2) seminar on 24 October 2018 at St, James, St Peter Port, Guernsey.

The Walkers St. James Series is a series of monthly, breakfast seminars taking place throughout 2018. Our expert lawyers will be presenting on a variety of pertinent topics. Talks will be focused and succinct with Q&A sessions to follow.

This seminar will focus on:

  • Judicial review
  • CIFO/GFSC
  • GDPR

Please contact Sarah Brehaut  for more information.




Sponsor News

We would like to give  thanks to our Sponsors for their support.

  • Asset Risk Consultants
  • Alternative Solutions Limited
  • Carey Olsen
  • KPMG
  • Walkers (Guernsey) LLP

 



Should I stay or should I go: removal of trustees

In the recently reported case of the Representation of Rawlinson & Hunter Trustees SA and Others [2018] JRC 131 Commissioner Clyde-Smith considered applications by former and current trustees in respect of the validity and effectiveness of the removal of a former trustee.
It provides a useful reminder of the wide discretion that is available to the Court when asked to determine issues relating to the retirement of trustees.

Read the full article here


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