GAT Newsletter May 2019

GAT Industry News

Welcome to your newsletter


News


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Invitation to GAT Members' Luncheon

Members are warmly invited to our next Member's Luncheon being held on Wednesday 3rd July at Moores Hotel at 12.30pm.

We are delighted to announce that Konrad Friedlaender and Natasha Kapp, both Partners at Carey Olsen will join us to review the proposed Trust Law changes.

Our luncheon will also feature an industry update from Chairman 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. We encourage members to book early to secure their place.


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Financial Crime Handbook Consultation

Earlier this month the Commission undertook a short consultation on changes proposed to rules and guidance in the Handbook on Countering Financial Crime and Terrorist Financing (version issued on 1 March 2019).  This followed the publication on 7 May 2019 of the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) (Amendment) Regulations, 2019 (“the Amendment Regulations”) made by the Policy and Resources Committee, proposing changes to Schedule 3 to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999 as amended.

These amendments introduce an activation date of 31 March 2019 for the application of measures relating to domestic politically exposed persons (“domestic PEPs”) and change the legal definitions of Money Laundering Compliance Officer (“MLCO”) and Money Laundering Reporting Officer (“MLRO”).  There are also a small number of amendments correcting typographical errors.  The Amendment Regulations will be laid before the States of Guernsey on 12 June 2019 and, if approved, will come into force the following day. 

The joint GAT/STEP Technical Committee have considered and prepared a brief response to the consultation which ended on 21st May.

The Technical Committee did not consider there to be any matters of significant concern in the proposed amendments, who in their response thanked the Commission for taking account of the views of both organisations when making these alterations.


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Commission issues its 2018 Annual Report and Financial Statements

The Commission has published its 2018 annual report and financial statements.

Members will be interested to see that amongst the themes explored in the report is the level of new financial services business coming to the island last year with the investment sector in particular seeing an uplift in applications. Insurance Linked Securities also continued to see growth.


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Commission issues Thematic Review on Beneficial Ownership

The Commission has recently issued its report on the thematic review of beneficial ownership of Guernsey and Alderney legal persons managed or administered by fiduciary licensees. The review was undertaken during the latter part of 2018 and the early part of 2019. 

In all files reviewed by the Commission, all fiduciary licensees had accurately identified and verified the beneficial owner of the legal person in compliance with their responsibilities under the Anti-Money Laundering/Combatting the Financing of Terrorism (AML/CFT) Regulations. The evidence gathered in response to the thematic review demonstrates effective controls to ensure that accurate and up to date beneficial ownership information is available and accessible to the Competent Authorities.

The results from the thematic review reflect the strong framework in the Bailiwick for AML/CFT, which has long required financial firms including fiduciary licensees to accurately identify their clients, including beneficial owners, and be subject to longstanding supervision by the Commission. The thematic findings follow on from the endorsement of the effectiveness of the framework by MONEYVAL in its report of the evaluation of Guernsey issued in January 2016 and by the OECD Global Forum in its review last year.


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Guernsey Finance Industry News

Guernsey Finance has published a number of articles recently which will be of interest to our members.

Please click on the headings below to view these articles:-

How Guernsey is part of the British Financial Services Family

2-REG aircraft registry reaches 500 aircraft

Guernsey ‘continues to break new ground’ in awards win

Go Green with Guernsey


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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 April Newsletter here 

Don't forget to follow GIBA on LinkedIn


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Summary minutes

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

GIBA Summary Minutes April 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 2018/19

Lunchtime Lecture No. 16

7th June 2019 - 12:00 - 1:00p.m.
Dorey Room, St James

Speaker: Virginie Deflassieux – BDO Guernsey

Topic: French Taxation and Trusts, eight years on

In this lecture Virginie will cover the following topics:

  • “French Connected” trusts
  • French tax reporting obligations for French connected trusts
  • Exposure to French Taxes and Penalties: Income tax, capital gains tax, wealth tax (Impôt sur la Fortune Immobilière and estate taxes)
  • Developments since the French trust law was published
  • Pensions trusts

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

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Summer Bonus Lunchtime Lecture

17th June 2019 - 12:00 - 1:00p.m.
Dorey Room, St James

Speaker: Simon Davies, Ogier

Topic: Putting Guernsey on the Map: The Carlyle case and Directors' Duties

Simon will examine the Carlyle Capital Corporation case which gained considerable local and international attention over a hard fought, nine year battle. He will review how the Judge dealt with the allegations relating to directors' duties, record-keeping and board minutes.

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

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STEP Guernsey Summer Social 

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We are once again hosting our Summer Drinks social event for the finance sector in Guernsey.

This year we have secured exclusive use of the beautiful Candie Museum and Terrace on Thursday 13th June at 5.30pm-8pm for a Matsuri – a cultural celebration of food and drink from Japan. Candie Museum will be exhibiting art and items from Japanese culture, including much from the Saumarez Park Japanese House & Temple. Attendees will have full access to the museum as well sampling Japanese gastronomic delights cooked exclusively for STEP Guernsey guests.

Kindly sponsored by BDO Guernsey.


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Family Office Briefing

11 July 2019 - London

4:00PM - 6:30PM

Guernsey aims to create the most supportive global environment for the provision of specialist single and multi-family office services.

Join us at the Royal College of Physicians near Regents Park, London, on Thursday 11 July to talk family office in the next instalment of our Guernsey Briefing Sessions.

Learn why Guernsey has an illustrious pedigree in the provision of wealth management to high-net-worth clients and their families, based upon three pillars of stability, security and service.

This interactive briefing session will cover:

  • the progress made towards developing an enhanced legal and regulatory environment for family offices in Guernsey
  • enhancements to the PTC regime

If you have any questions about this event please contact Cara.


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BPP Green & Sustainable Finance Forum

The Green & Sustainable Finance (half-day) Forum, in partnership with Guernsey Green Finance, will take place on Wednesday 19 June 2019 in Guernsey. The Channel Islands’ flagship Green and Sustainable Finance event will explore the role of the finance sector in shifting capital to assets with low carbon intensities.

This contemporary event will enable delegates to hear from a range of local and off-island industry experts in the field of green and sustainable finance. The event will welcome keynote speaker Stephen Nolan, Managing Director of the United Nations’ Finance Centres for Sustainability Global Network.  Dr Andy Sloan, Chair of Guernsey Green Finance & Deputy Chief Executive, Strategy of Guernsey Finance will also be speaking amongst other industry experts at this on-island event.

To find out more please visit the BPP website here.


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Carey Olsen half day Data Protection Conference 

Date: Tuesday 4th June

Venue:  Duke of Richmond Hotel

Time: 08:00a.m. - 12:30p.m.

Carey Olsen's GDPR experts will discuss the practicalities and challenges facing financial services businesses one year on from the GDPR and its Channel Islands equivalents. Topics include:  

  • Overarching themes in financial services
  • Behavioural cybersecurity
  • Sector specific challenges
  • Q&A with the Deputy Data Protection Commissioner

RSVP - please contact Katie Rooney - Katie.rooney@careyolsen.com


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GTA Courses & Events

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

STEP Open Evening and Networking Session

CLT International and the GTA invite those interested in learning more about the STEP programmes and development pathways whilst networking with peers from the Guernsey trust industry over drinks and canapés.

Cost: FREE

Date: 6 June 2019

Venue: The Old Government House Hotel

Time: 17.30 to 19.30

Further details and registration here.

RegTech:  what is it and what impact can it have on your business?

Join us for the next session on our popular Compliance CPD series to learn about the benefits RegTech can bring to your business.  Learn the basic concepts and recognise the opportunities it can bring with noted industry leaders in this area Helen Hatton of BDO Sator Regulatory Consulting and Peter Warrell of Head of C5 Alliance’s Business Intelligence Team.

Cost: £45

Date 12 June 2019

Venue: GTA University Centre

Time: 12.30 to 13.30

Further details and registration here.

STEP Conference 2019

Don’t miss this annual flagship event for a chance to meet and network with contacts old and new whilst gaining important technical knowledge and updates from leading industry figures from Guernsey and further afield.

Cost:  STEP Members - £190 Non Members - £215

Date: 20 June 2019

Time: 09.00 to 16.30

Venue: Beau Sejour

Further details and registration here.

STEP Certificate in International Trust Management

Enrolment for the next cohort in Guernsey to take this key qualification closes on 21 June 2019.  In taking this certificate you will gain a detailed insight into the creation and administration of trusts in an international context and increase your knowledge of practical and academic issues arising in the trust industry.

Cost £1,575

Course Length – 5 to 6 months distance learning, 4 day revision course 11 to 14 November 2019

Exam Date: 15 November 2019

Full details and registration requirements available 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
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A remote setting for a global workforce?

Improvements in technology mean companies have the ability to set up global teams that work closely together but never (or rarely) physically meet. Carey Olsen counsel Carly Parrott, a specialist in employment law, considers the pros and cons for individuals and employers using technology to work remotely.

"Like it or not, technology is revolutionising the way not only that we do business, but the way we service that business."


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Saunders v Vautier in the Channel Islands - Guidance from Guernsey

Can the beneficiaries of a discretionary trust require the trustees to terminate the trust and distribute the trust property, in circumstances
where a power to add further beneficiaries exists?

Rupert Morris looks at the Guernsey ruling on the case of Rusnano Capital AG (in liquidation) v Molard International (PTC) Limited and Pullborough International Corp [2019] GRC 011 and in doing so considers the relationship between section 53 of the Trusts (Guernsey) Law, 2007 (the “Trusts Law”) and the so-called ‘rule’ in Saunders v Vautier.


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A Guernsey trusts and private wealth sector overview

Being a small jurisdiction and one that operates under a constitutional arrangement with the UK that provides it with the authority and autonomy to create and enforce its own laws, Guernsey has the ability to innovate and to do so quickly.

It means the island's government, the States of Guernsey, and industry can work together to introduce appropriate laws which ensure that the excellent reputation of the jurisdiction is retained, while also providing a platform that allows Guernsey's wealth management industry to best meet the needs of a sophisticated and discerning client base, particularly at a time where private wealth accumulation continues to grow globally year-on-year.

Natasha Kapp examines.


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