GAT Newsletter June 2016

Industry News

GAT would like to draw your attention to the item below under the States of Guernsey regarding the Consultation on the Beneficial Ownership Register under the . We encourage all members to engage in the consultation and express their views.

The Technical Sub- Committee is submitting a response but this may not reflect your views if you have not previously contacted them.

Please find below a link to the latest GF Update. Feel free to share with colleagues around your office and invite them to sign up to the newsletter themselves by filling out the sign-up option on the homepage.

The June issue includes….

1. An invite to view the new brand
2. A look ahead to the Guernsey Insurance Forum
3. A review of the Guernsey Funds Forum
4. Business developments updates from the Middle East, Asia & our New York roadshow
5. 2016 events calendar
6. The latest technical news affecting industry

Click on the link HERE to read the newsletter in full.

(Guernsey Finance is rebranding and to mark the occasion an exhibition will be held to explain the story behind the new brand and showcase the look that will be introduced to promote the jurisdiction. The exhibition will be on the ground floor of Somers House, Rue du Pre, St Peter Port. Somers House is the same building as Guernsey Finance’s offices and is the second entrance on the right after the petrol station as you head up from Trinity Square.

Consultation transparency of Beneficial Ownership of Companies in Guernsey 

This consultation paper arises from the then G8 (now G7) agenda on tax, trade and transparency and seeks views from interested stakeholders on whether or not a central register of beneficial ownership information for Guernsey companies should be established.  Please click below to download this:


This paper is being issued now so that both it, and responses to the paper, can take account of and benefit from the development of the international debate on transparency of beneficial ownership of legal persons, progress by G20 countries, the issue of guidance by the FATF, the UK Government’s conclusions on the establishment of a publicly accessible central register of beneficial ownership of companies (including the contents and discussion on primary legislation currently being considered by Parliament in the UK), and finalisation of the EU’s further money laundering directive.

The issue of this paper also takes account of a review in 2014 by the authorities on the accessibility and quality of beneficial ownership information in practice.

The Policy Council would like to receive views on whether or not it would be appropriate to introduce a central register of beneficial ownership of companies.

How to submit comments to the consultation Responses can be made in writing, by post or email, as follows:

Helen Proudlove-Gains
Policy Council
Sir Charles Frossard House
La Charroterie
St Peter Port

Comments should be received by the close of business on 10 July 2015

Summary Minutes of the meeting held on Tuesday 10 May 2016

Channel Islands Financial Ombudsman (CIFOs)

Following discussions during previous meetings, GIBA proposed that CIFO’s fees to be harmonised, such that similar institutions pay a similar levy and are not discriminated by the island in which they are based.

Unfortunately, CIFO refused GIBA’s proposal and their fees will be calculated under the current method until such time when there is sufficient evidence to justify a change.

Using Technology for CDD

Carl Rosumek would like to thank the associations for submitting substantive comments in response to the GFSC’s revised guidance with respect to using technology for CDD.

Updated guidance is due in the coming weeks but all parties are asked to recognise that the updated guidance represents an interim arrangement and substantive work will be done in advance of the publication of the updated FSB Handbook later this year.

Mr. Rosumek also considers the GFSC to be in ‘listening mode’ and is optimistic that meaningful progress can be made.

Housing Control & Immigration

Patrick Firth wants to thank the associations for providing representatives to the subcommittee of the (recently renamed) Population & Employment Advisory Panel.

Elaine Gray, partner in litigation at Carey Olsen, is to chair the subcommittee and also act as its representative on the panel.

A fact-finding exercise of industry is to take place in the coming months to ensure the Population & Employment Advisory Panel best represents the interests of employers. Your cooperation is appreciated.

GTA University Centre

There are proposals to reconstitute the GTA University Centre as an LBG. Mr. Firth has agreed that GIBA would agree to the proposals so long as the GTA University Centre remains independent of the College of Further Education.

States of Guernsey

GIBA welcomed both Steve Wakelin, Chief Strategy & Policy Officer and Richard Walker, Director of Financial Crime and Regulatory Policy to May’s meeting. Both gentlemen shared their top priorities for the coming months and years, including:

• establishing a Register of Beneficial Ownership,
• satisfying the standards of the EU 4th Anti-Money Laundering Directive, and
• clearly setting out the objectives of our new States of Guernsey.

Consultation on a proposed double taxation arrangement (DTA) between the States of Guernsey and Russia

In recent times business between Guernsey and Russia has increased and the opportunity is being taken by the States to seek views on approaching Russia to ascertain its preparedness to negotiate a DTA with Guernsey, whilst not prejudging the likely response of Russia, were such an approach to be made.

The States are seeking your views on whether they should approach Russia to negotiate a DTA with Guernsey.

Please provide your comments by 29th July 2016, in writing and preferably in a format that can be read by Microsoft Word.

All responses via email should be sent to the following address:

Alternatively, they may be posted to:

Rob Gray
Director of International Tax Policy
Income Tax Office
PO Box 37
2 Cornet Street
St Peter Port

Forthcoming Events

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

This is your invite to attend the GAT Members Quarterly Lunch which is on Wednesday 6th July 2016 from 12.30pm at the Conservatory, Moores Hotel.

GAT Chairman, Mark Pattimore will deliver his quarterly industry round-up keeping members up to date with news and events.

We are delighted to welcome Simon Le Tocq, Chief Executive of the GTA, who are this year celebrating 20 years of delivering excellent educational services and support to Guernsey business.

Simon will be looking at how learning and personal development has changed over the last two decades – and how the GTA are responding now and what their plans for the future are. He will also provide a focus on development relevant to the Fiduciary sector.

Click HERE to book your place.

STEP South Africa and the response to the impending Special Voluntary Disclosure Programme

STEP Guernsey are delighted to invite you to a special STEP South Africa event in Guernsey, welcoming guest speaker, Dale Irvine, Director of Sentinel:
Date: Friday 15th July
Time: 11.45am for 12pm
Venue: The Dorey Room, St James
Topic: South African Tax Developments:
• Response to the impending Special Voluntary Disclosure Programme; and
• How to avoid an R1.2m penalty – reporting arrangements involving contributions by residents to non-resident trusts

Please book HERE to secure your place.

Sponsor Articles

Items of relevance and interest to Members brought to you by GAT Sponsors. Click here to see Sponsor page.

More accolades for ARC – award wins at Citywealth Magic Circle awards 2016

Congratulations to Asset Risk Consultants (ARC) who has been named the Investment Monitoring Company of the Year for the second year in a row at the Annual Citywealth Magic Circle awards.

In addition, ARC’s Group Managing Director, Graham Harrison was named as Outstanding Individual of the Year and Suggestus, ARC’s research portal, was awarded Technology Vendor of the Year.

Graham Harrison said: “These awards are particularly special because they represent the recognition of one’s peers. Winning them is a true reflection of the ethos at the heart of ARC that our clients value: to promote insight, innovation, independence and integrity.”

ARC was formed in Guernsey in 1995. The business now employs more than 60 consultants, analysts, developers and support staff across offices in London, Guernsey, Jersey and Toronto. ARC services a global client base, offering investment consulting and investment research services to trusted advisers, family offices, charities and professional trustees.

The PSC Register

The move towards an increased culture of transparency within the finance sector and beyond has been evident globally over the past few years. Continuing this trend, the UK now require that information must be made available regarding the ultimate decision makers of certain non-listed UK entities.

Since 6 April 2016 UK companies, not traded on a recognised stock exchange, have to keep a publicly available register of its Persons exercising Significant Influence or Control (“PSC”). This information will be held at Companies House from 30 June 2016. Anyone will be able to access the information which will be freely available from Companies House and from the company.

Compliance with the PSC Register legislation is mandatory and failure to do so is an offence, by both the company and the PSC, which may result in a fine or imprisonment.

KPMG Update – PSC Register Update

Publications from Carey Olsen this month include:

Local businesses prepare for the new General Data Protection Regulation;

Disposing information securely and protecting company data are key areas for staff training in relation to cyber security, according to Carey Olsen and Galaxy CI.

Carey Olsen teamed up with Channel Island IT specialist Galaxy CI to provide advice on the new General Data Protection Regulation (GDPR), which comes into force in May 2018.

Attended by company directors and IT and compliance managers, the seminar was led by counsel Richard Field and Galaxy managing director Stuart Moseley and included a demonstration of Galaxy’s data destruction equipment.

The European Commission Unveils the new EU-US Privacy Shield;

Since their last briefing note on this topic, on 29 February 2016 the European Commission (the “Commission”) published the legal texts that will put in place the EU-US Privacy Shield together with a Communication setting out the steps that have been taken to restore confidence in the exchange of data between the EU and the US.

Carey Olsen accredited Platinum Employer Partner by STEP

Following a rigorous application and interview process, the Carey Olsen Channel Islands Trusts & Private Wealth practice has been accredited as a Platinum Employer Partner by The Society of Trust and Estate Practitioners (STEP).

The Employer Training Scheme (ETS) was launched by STEP last year and has been designed to help employers plan and deliver the best possible training experience for their STEP students based on best practice, education and professional support. Carey Olsen was invited to participate in the pilot scheme, which was then rolled out to the trusts industry in April. The accreditation achieved is the highest grading that can be awarded under the scheme and Carey Olsen is the only Channel Islands’ law firm to be accredited Platinum Partner status.

Carey Olsen STEP members Nina Silva and Victoria Grogan took part in the interview process and worked together with Laila Arstall and Gillian Gorvel on Carey Olsen’s successful submission.

Jenni Hutchinson, Head of Employer Partnerships at STEP was in Guernsey to meet with Russell Clark, who heads up the Carey Olsen Trusts team in Guernsey.

Russell said “Taking part in this STEP initiative has been a very worthwhile exercise. We are always keen to enhance our training programmes and invest in the development of our staff and are delighted we achieved the highest accreditation available.”

For further information on the scheme see

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