GAT Newsletter December 2019

GAT Industry News

Welcome to your newsletter


FESTIVE GREETINGS

The GAT Committee would like to take this opportunity to extend warm wishes to their Members for the Christmas period and to thank Members for their continued support and engagement during 2019.

With best wishes for a happy, healthy and prosperous New Year.

News


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Invitation to GAT Member's Luncheon

Members are warmly invited to our next GAT Luncheon which will take place on Wednesday 8th January 2020 at 12.30pm in the Conservatory at Moores Hotel.

We will welcome speakers from GAT Sponsor KPMG.  Paul Beale, Tax Director, KPMG in the Channel Islands will talk about what has been keeping KPMG CI busy in the trust world, and Jim Keys, Tax ConsultantKPMG LLP will discuss the post RTC trends and communication methods coming our of the HMRC at the moment.

Our luncheon will also feature an industry update from GAT Chair, Paul Hodgson.

Our popular events give members the opportunity to network and to catch up on relevant news among peers on issues that affect the fiduciary community.

There are only a few seats left so Members are encouraged to book without delay if they wish to secure a place.

BOOK NOW
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Sanctions Notice - Sanctions (Bailiwick of Guernsey) Law, 2018

Information on the Sanctions (Bailiwick of Guernsey) Law, 2018 is available on the States of Guernsey website. The Policy & Resources Committee has also issued:

  • an advisory memorandum giving details of the scope and effect of this legislation, 
  • guidance on reporting obligations under the law.

Read more
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Changes to the Online Submissions ('OS') Portal & Personal Questionnaire ('PQ') Portal - Form upgrades

Further to our previous news article regarding the forthcoming changes to the forms on the OS and PQ Portals, the following forms are now available in the new format:

126a - Fiduciary - Pension Scheme or Gratuity Scheme Quarterly Return

132 - Insurance Manager Annual Return

145 - Investment Quarterly Return

200 - Other Notification

220 – Outsourcing

226 - Surrender Registration

Read more
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Policy & Resources Committee publishes detailed Economic Substance guidance

The Policy & Resources Committee has published updated and detailed guidance on the application of the new tax law requirements to ensure that companies who undertake certain highly mobile economic activities have sufficient economic substance in the island.

Read more
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Count Me In: Registration for voting in the Guernsey Election 2020 begins

Members are reminded that anyone eligible to vote in the 2020 General Election can register on the Electoral Roll by visiting the new website www.election2020.gg

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Sustainability is the future

Finance industry experts have been told that a continued focus on sustainability in life and investment is coming, and is irreversible.

Macroeconomist and author Sony Kapoor said sustainability is the future “whether you believe in it or not”.

As keynote speaker at the Guernsey Private Wealth Forum in London, he said: “The direction of change couldn’t be clearer – carbon taxes, and environment legislation is not going to get easier, we all know for sure, whether that is within next six months or five to 10 years, the direction of legislation is very clear.

Read more
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Focus on family offices “plays to Guernsey’s strengths”

Guernsey’s concentration on the development of family offices in the island recognises Guernsey’s core strengths, according to one leading player in the local sector.

Those strengths are security and stability in an uncertain environment, standards of service provision, as the Guernsey industry approaches the 20th anniversary of the introduction of regulation in the sector, and a corresponding strength in depth and professionalism, said Paul Hodgson, managing director of Butterfield Trust and Chairman of Guernsey Association of Trustees.

Read more
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GIBA News Roundup

GAT are proud members of GIBA, representing the financial services industry in Guernsey.  

Don't forget to follow GIBA on LinkedIn


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Summary minutes

Please find below a link to the summary minutes for November's meeting of GIBA Council.

GIBA Summary Minutes November 2019


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Events Calendar

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

Forthcoming Events


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STEP Lecture Series

The 2019/20 STEP Lunchtime Lecture Series currently operates two lectures per month from September - June.

STEP Guernsey are grateful to Lecture Series sponsor Ogier, for supporting another year of our popular lunchtime lectures.

Keep up to date with lectures by signing up to the STEP Guernsey mailing list - you can sign up here - www.stepguernsey.org

You can find details of the upcoming lectures below.


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STEP Lunchtime Lecture Number 3

Monday 13th January 2020

The Dorey Room, St James, 1 p.m.

Innovative ways of attacking trustees in Hong Kong – lessons for trustees and their advisers

Presentation summary:

Hong Kong has seen two cases recently in which disgruntled beneficiaries have tried novel approaches to suing their trustees – one successfully, one not.

The Global Financial Crisis sparked a raft of misselling claims against banks in Hong Kong, almost all were unsuccessful. One recent case saw a different approach to claiming losses arising from investments during that period: instead of a classic misselling claim against the bank, the claim was made against the bank-owned trustee for failure adequately to supervise investments – despite a (seemingly) all-encompassing anti Bartlett clause.

In the second case, the family which founded and still controls the Langham group of hotels has encountered serious rifts between family members. Not only has this led to legal proceedings between family members themselves, but the matriarch, currently 99 years of age, has also sued another Hong Kong bank-owned trustee. In her (so far unsuccessful) claims, she has alleged a raft of different things, including an alleged common understanding between her and the trustee that the trustee would follow her wishes, a so-called "legitimate expectation" claim, various claims around the investment of the trust fund and allegations of conflict of interest.

This presentation will discuss the cases and their implications for trustees in Guernsey, Hong Kong and further afield.

Click to book
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GTA Courses & Events


Members may be interested in the following courses and events taking place in January:

(1)   Drafting Board Minutes for the Company Secretary

This short course looks at the content and style of board minutes and helps delegates to ensure that they are picking up all the relevant information in sufficient detail to the standard expected for good governance and by regulating bodies. 

Cost: £175

Date: 8 January 2020

Venue: GTA University Centre

Times: 09.00 to 11.30

Further details and registration here.

(2)   Executive PA Masterclass

Attain the necessary skill sets, strategies, insights, technical know-how and corporate etiquettes to become the EA every manager needs.  This two day highly interactive and stimulating course is packed with information to help you build skills, organise workloads, improve your business writing skills, develop personal effectiveness and much more.   

Cost: £450

Date: 14 and 15 January 2020

Venue: GTA University Centre

Times: 09.30 to 16.00

Further details and registration here.


(3)   Speed Writing

This one day course is aimed at those who have to take notes at meetings or in any other business situation.  Delegates will discover how they can plan and prepare, learn some shortcuts and hints as well as carrying out practical exercises to improve those skills to give them confidence in their abilities.

Cost: £275

Date: 16 January 2020

Venue: GTA University Centre

Times: 09.30 to 16.00

Further details and registration here.


(4)   HR Forum – Flexible Working

This free session with Sarah Ash, Senior Counsel at Walkers (Guernsey) LLP will take delegates through the implementation of flexible working, how it can meet the needs of different organisations and their specific business models including how the concept of flexible working has been used in local companies with input from Annabel Hitchon, Assistant Director, Human Resources, GFSC and John Hibbs, CEO of PF+A.

Cost: FREE

Date: 28 January 2020 

Venue: GTA University Centre

Times: 12.30 to 13.45

Further details and registration here.


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Guernsey Finance Industry Update

On Thursday 23rd January 2020, Guernsey Finance are holding a free to attend event at St James from 3-5pm, and they would be delighted if any members could join them at their annual industry update to hear about the exciting progress Guernsey Finance has made during 2019 and more detail on their plans for 2020 across their target markets internationally.

For those who may be considering a career in the finance sector locally, this event is a valuable starting point for them to learn about the workings of Guernsey’s financial services sector and how it markets and positions itself on a global scale.

For more information and to register for this event, please visit our website here.


Sponsor News



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

  • Alternative Solutions Limited
  • Carey Olsen
  • KPMG
  • Walkers (Guernsey) LLP
  • Raw Capital Partners
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Control, Simplicity and Collaboration – Offshore Talking Points from the United Arab Emirates

After spending six days with colleagues from our Jersey, Guernsey and Dubai offices meeting with clients and intermediaries in the UAE, the message remains upbeat: there's plenty of work to be done, and the Channel Islands continue to be seen as "gold standard" jurisdictions for personal wealth structuring and asset protection.

View article
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Asset Protection: The Reason Why Clients In Hong Kong And Across Asia Are Turning To Channel Islands Trusts

In this Q&A, partner Rupert Morris and senior counsel Sevyn Kalsi explore the appeal of Channel Islands trust structures as asset protection solutions for clients based in Hong Kong and across Asia.

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Guernsey: The Natural Home for Private Capital  

This article, written by Guernsey partner Kate Storey, looks at trends in the global private capital industry, principally the coming together of private investors with private equity and other private asset investments that have traditionally been the mainstay of institutional investors, and how Guernsey is the natural home for the bespoke structuring required for private capital investments.

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Carey Olsen pair among Citywealth's International Powerwomen

Carey Olsen partner Elaine Gray and counsel Sharon Mungall have been named in Citywealth's International Powerwomen Top 100 for 2019.

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Carey Olsen's Russell Clark named as one of the UK's 50 most influential private client advisers  

Carey Olsen Guernsey managing partner Russell Clark has been named one of the 2020 eprivateclient '50 Most Influential'

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Carey Olsen secures double shortlisting at Citywealth's Magic Circle Awards 2020

Carey Olsen has been shortlisted for both International Law Firm of the Year and UHNW Private Client Services Innovation of the Year at Citywealth's Magic Circle Awards 2020.

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Did you know GAT has a Linkedin page? Follow us to ensure you keep up to date with news and events.

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