GAT Newsletter June 2019

GAT Industry News

Welcome to your newsletter


News


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Invitation to GAT Members' Luncheon

We are looking forward to welcoming Members to our next Member's Luncheon & AGM being held on Wednesday 3rd July at Moores Hotel at 12.30pm.

During the Annual General Meeting the following Committee Members will stand for election:

  • Paul Hodgson – Re-election as Chairman
  • Rhona Humphreys – Re-election as Deputy Chair and Secretary
  • Charlotte Bates – Election as Deputy Chair – proposed by Rhona Humphreys
  • Alasdair McLaren – Re-election as Treasurer
  • Paul Backhouse – Re-election as Committee Member
  • Michael Betley – Re-election as Committee Member
  • Peter Mills – Re-election as Committee Member
  • Mark Pattimore – Re-election as Committee Member
  • Stephen Trevor – Re-election as Committee Member
  • Rupert Morris – Re-election as Committee Member

We have also received nominations to consider the election of the following new Committee Members:

Any questions in relation to this event including any relating to the AGM should be directed to GAT here - info@guernseytrustees.org


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Public Beneficial Ownership Registers

Members will not have missed this news earlier in the month.  By way of recap, Jersey, Guernsey and the Isle of Man have revealed how they plan to move towards making their beneficial ownership registers public.

This outline involves a three step plan to move toward what has been described as a 'clear international standard'.  Guernsey's Chief Minister Gavin St Pier advised that "the action plan reinforces our message that it is for Guernsey to determine its own policy position. We will never compromise the high standard of our register, which is populated by verified up to date data, by the adoption of an inferior model. Our action plan will ensure that our register and corporate regulation continues to set a standard for larger jurisdictions to follow."

The three phases are:

  • To interconnect the islands' registers of beneficial ownership of companies with those within the EU for access by law enforcement and Financial Intelligence Units.
  • To give access for financial service businesses and other businesses for due diligence purposes.
  • To give public access aligned to the approach taken in the EU directive.

Tony Mancini, Chair of GIBA, of which GAT is a Member, published a short response to the announcement, Members can find this below.

GIBA Public BO Register Statement


Upon the public announcement, the Chief Ministers of Guernsey and the Isle of Man, and Jersey's Minister for External Relations, met with UK parliamentarians in London, to discuss the joint commitment made by the islands to move towards the implementation of public registers of beneficial ownership.

"Our joint commitment was broadly welcomed by the parliamentarians we met with today and generally accepted as a proactive step to ensure that the Crown Dependencies remain among global leaders in matters of transparency and financial services regulation."

Joint statement by governments of Guernsey, Jersey & Isle of Man on beneficial ownership registers
READ FULL STATEMENT
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Handbook on Countering Financial Crime and Terrorist Financing

Following the approval of the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) (Amendment) Regulations, 2019 by the States of Guernsey on 12 June 2019, the Commission has now issued in final form, the revised Handbook on Countering Financial Crime and Terrorist Financing.

The revised Handbook, including the rules and guidance contained therein, comes into effect on 13 June 2019.

A clean version of the Handbook, together with a tracked version reflecting the changes made from the published Handbook on 12 March 2019, can be accessed via:

https://www.gfsc.gg/commission/financial-crime/handbook-on-countering-financial-crime-and-terrorist-financing


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Guidance Note on Private Trust Companies

The Commission has recently published revised guidance on the regulatory requirements for Private Trust Companies (“PTCs”) and the expectations of licensed fiduciaries which administer PTCs.

The key revision to the guidance is the replacement of the previous requirement for a representative of an administering Full Fiduciary Licensee to sit on the board of a PTC with a more outcomes-based approach. Going forwards, the licensee will be required to confirm to the Commission that it will retain sufficient knowledge and information about the PTC’s ownership and control structure and about its activities to be satisfied that the PTC is effectively governed. This may be achieved for example, by any of, or a combination of: provision of a director on the board of the PTC, provision of a company secretary, provision of authorised signatory and close monitoring and oversight of the PTC. Additional guidance on expectations around PTC record-keeping have also been added.

The revised guidance can be found via the button below:-

Guidance Note

"This updated guidance from the GFSC will be welcomed for the clarity it provides to the Guernsey industry and by their clients. It will simplify arrangements, offer greater certainty to clients, and make private wealth management in Guernsey an even more attractive option."

Paul Hodgson - GAT Chair

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GIBA News Roundup

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

You can find the GIBA May Newsletter here

You can find GIBA's statement on Guernsey's airport security situation here.

Members may also be interested to read the GIBA piece titled 'A Possible Future for the Guernsey Financial Service Sector' by Tony Mancini, GIBA Chair

Don't forget to follow GIBA on LinkedIn


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Summary minutes

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

GIBA Summary Minutes May 2019


Forthcoming Events


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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 

The STEP Lunchtime Lecture  Series has ended for the Summer break.  It will restart in September 2019.

STEP Guernsey would like to thank the Lecture Series sponsor Ogier, the speakers and attendees who have made the 2018/19 series so successful.

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



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STEP Guernsey’s Annual Ball is always a popular event.  Arguably the most exciting finance event in the Guernsey calendar, this year we are bringing you the glamour and charm of old Hollywood.

To accommodate our growing popularity, we have moved to a larger venue this year and our Ball will take place in the David Ferguson Hall at Beau Sejour on Friday 18th October.  We look forward to welcoming you to an evening of excellent food, fine wine and grand company, and will endeavour to bring you the sophisticated glamour that only true classic Hollywood can deliver.

For more information and to book, click on the button below.

Find out more
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Family Office Briefing – Thursday 11 July – support required

Guernsey Finance is requesting the support of GAT members to help promote the above event to their London contacts. The event will seek to provide a thought provoking and interesting session on the development of family offices and family office services that positively positions and presents the jurisdictional offer of Guernsey.

 The event takes place on Thursday 11 July at the Royal College of Physicians, London. For more information and to register your contacts please see the event website.


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GTA Courses & Events

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

July Events

Fund Overview Level 1

This course provides an excellent introduction to the world of funds, focusing on the types of structures most common to the Guernsey funds industry and acts as an ideal forum for those wishing to gain a better understanding of the area.

Cost: £295

Date: 2 July 2019

Venue: GTA University Centre

Times: 09.00 to 17.00

Further details and registration here.

Launch – IoD Development Programmes

Attend a free breakfast briefing to learn more about the popular Institute of Directors Company Direction Programme and the Introductory Certificate in Board Readiness.  There will be a short presentation on the programmes by IoD Guernsey representatives and past students as well as the opportunity to ask questions and find out more about these popular courses.  Tea, coffee and a light breakfast will be provided.

Cost:  FREE

Date: 3 July 2019

Venue:  GTA University Centre

Times: 08.00 for 08.30

Further details and registration here.

Data Protection Officer – Are you doing it right?

Join us for the next session on our popular Compliance CPD series to hear Guernsey’s Data Protection Commissioner, Emma Martins, discuss the role and function of the Data Protection Officer, the value of investing in the role and how it can enhance compliance for any organisation.

Cost: £45

Date: 4 July 2019

Venue: GTA University Centre

Times: 12.30 to 13.30

Further details and registration here.


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BPP Guernsey Events

BPP would like to offer GAT members a 10% discount on the following Guernsey based events:-

4th Annual Compliance & Economic Crime Symposium - 12 November 2019

The definitive compliance and financial crime prevention event of the year,

The universe of financial crime continues to expand. The 4th Annual Financial Crime Prevention Symposium explores some of the key issues facing Guernsey’s financial services industry.

More details and/or to book  

8th Annual Business and Finance Conference - 10th December 2019

BPP’s 8th Annual Business and Finance Conference is aimed at accountants and finance professionals across a range of industries, providing a variety of relevant updates from industry experts to help meet your continuing professional development needs.

More details and/or to book


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
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The Guernsey transitional arrangements have ended – what next?

On 25 May 2019 the Bailiwick of Guernsey’s new data protection regime became fully operational. Following the end of the transitional arrangements which were established in May 2018 under the Data Protection (Bailiwick of Guernsey) Law, 2017 (“Law”), Leonie Corfield and Alexandra Gill explore what this means for businesses in the Bailiwick.

Download advisory
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Updates to Guernsey's economic substance legislation

The Guernsey Revenue Service has this month announced some amendments to Guernsey’s economic substance legislation.

Guernsey’s economic substance legislation is contained in The Income Tax (Substance Requirements) (Implementation) Regulations, 2018, as amended (the Regulations), which took effect in Guernsey on 1 January 2019. Broadly, the Regulations apply to companies that are tax resident in Guernsey and generate income from certain activities in any accounting period commencing on or after that date.

In this briefing Carey Olsen examines the amendments to the Regulations that have been announced.

    Download advisory

    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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