Welcome to your newsletter
Substance guidance published
On Friday 26 April, the States of Guernsey published its guidance on economic substance, having consulted with industry to clarify legislative and reporting requirements to meet the EU Council Code Group’s standards, also working closely with the other Crown Dependencies and the EU Commission.
As Members will be aware GAT has had input at different stages into the island's work on substance including responding to the initial consultation and Chairman Paul Hodgson has been involved with the working party this matter. The release of these guidance notes is a welcome step forward.
Members can view the guidance notes by following the link below.
Discussion Paper on Proposals to Create a Single Fiduciary Handbook and Revise Pension Rules
The joint GAT/STEP Technical Committee have considered and prepared a full response to these proposals. Members are invited to share their views with GAT via email if they wish to bring any of their own points to the Committee's attention.
Please contact us here.
To make your submission please do so here:-
Responses to this Discussion Paper are sought by 30 April 2019.
AML/CFT Framework & Business from Sensitive Sources Notice
The Financial Crime Division would like to remind firms that the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) (Amendment) Ordinance, 2018 came into effect on 31 March 2019. Consequently, Schedules 3, 4 and 5 to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999 as amended (“the Law”) have replaced the Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulations, 2007 as amended and the Criminal Justice (Proceeds of Crime) (Legal Professionals, Accountants and Estate Agents) (Bailiwick of Guernsey) Regulations, 2008 as amended previously in force.
In light of the above, the Financial Crime section of the Commission’s website has been updated to reflect the changes in legislation. A new page has now been published which contains links to the revised Handbook for Specified Businesses, as well as copies of the last published versions of the 2007 Handbook for Financial Services Businesses and the 2008 Handbook for Prescribed Businesses. These 2007/8 Handbooks are no longer in force but have been provided for reference in light of the transitional provisions in the revised framework.
GFSC 9th Conference - 4 April 2019
The Guernsey Financial Services Commission held their 9th Annual Conference on Thursday 4th April. Industry presentations were delivered by William Mason, Director General, Deputy Gavin St Pier, Chief Minister and President of the Policy & Resources Committee and other senior commissioners and officers who provided updates on BREXIT and a number of industry regulatory roundups.
A particular highlight was the timely keynote speech by Jacob Rees-Mogg.
Members who were not able to attend can view the slides and video links by visiting the GFSC site below.
GIBA announces leadership changes
The Guernsey International Business Association (GIBA) has appointed a new Chair and Deputy Chair.
Tony Mancini, a Tax Partner at accountancy firm KPMG, takes up the position of Chair. Tony has previously sat on the GIBA Executive Committee as Deputy Chairman. He has also served on the Guernsey International Fund Association (GIFA) Executive Committee and been a member of the Guernsey Society of Chartered and Certified Accountants (GSCCA) tax sub-committee.
Tony has recently worked with the States of Guernsey on their work on the island tax regime in relation to the EU Code of Conduct Group’s economic substance requirements. Over the years he has assisted the States with the formulation of tax policy and administration in a number of areas. He is also a member of the British Venture Capital Association (BVCA) Tax Committee in the UK.
GAT Chairman Paul Hodgson, the Managing Director of Butterfield Trust (Guernsey) Limited, takes up the position of Deputy Chair, having also previously sat on the GIBA Executive Committee.
Please find below a link to the summary minutes for March's meeting of GIBA Council.
STEP Lecture Series 2018/19
Lunchtime Lecture Number 14
13th May 2019 – 12.00- 1.00pm
Dorey Room, St James
Topic: Recent developments in Italy
Speaker: Nicola Saccardo – Maisto e Associati
Nicola will talk about the Italian lump sum tax regime for HNWIs moving to Italy, the recent developments on the Italian taxation of trusts and the possible reform of Italian forced heirship rules, succession agreements and pre-nuptial and post-nuptial agreements.
This is a specialist lecture and students, members and non members are all welcome to attend. Please share this with others within your firm if you think it may be of interest.
For a full biography and more details please visit stepguernsey.org
Family Offices - extra date
Due to the popularity of our Family Office event on 30 April, we are repeating the session the following day, Wednesday 1 May.
The latest in the 2019 Guernsey Seminar Series, which will be held in London, will provide a briefing on the progress of the strategy and explain how and why these developments ‘reflect the mood of the market’.
Registration and refreshments will begin at 7:45am with presentations from 8:00am - 9:00am.
If you have any questions about the event please contact Millie.
City Week - International Financial Services Forum
WE ARE GUERNSEY are delighted to be exhibiting at City Week for the first time on Monday 20 - Tuesday 21 May at the Guildhall, London.
Now in its ninth year, City Week is the premier gathering of the international financial services community. It brings together industry leaders and policy makers from around the globe to consider together London and the future of global financial markets.
This two-day conference consists of cutting-edge conferences, workshops, social events and networking opportunities, with other satellite events being held later during the week.
For more information on the event, please click here.
If you are interested in attending this event with Guernsey Finance please contact Millie.
We would like to give thanks to our Sponsors for their support.
- Asset Risk Consultants
- Alternative Solutions Limited
- Carey Olsen
- Walkers (Guernsey) LLP
Economic substance requirements in Guernsey
We are all aware that in this age of uncertainty when it comes to economic substance, not all cases will be black and white. We may require advice to aid our decision making. The attached article by GAT sponsor KPMG reminds us of our obligations under the new substance regime.
— KPMG has worked closely with the relevant authorities in the Crown Dependencies on the introduction of the substance requirements
— KPMG is a leading provided of audit, tax and advisory services
— Through our clients, we have significant insight into your business - KPMG in the Channel Islands has over 240 professionals working local and links into one of the largest professional services firms in the world