GAT Newsletter – October 2016

Industry News

Change in Constitution and request for involvement from members

Earlier this year KPMG completed the Government sponsored review of the Fiduciary Industry in Guernsey which GAT was happy to support. Following this review the Committee have looked closely at its output and in particular what GAT as an association does today and, as a result of a number of discussions with other industry representatives, what it could and possibly should be doing going forward.

At the EGM earlier this month, with the agreement of the members present, the GAT constitution was changed to allow for a wider membership. In additional to the holders of Full and Personal Fiduciary licences our constitution has changed to have extend the membership categories to include

i. A firm of lawyers or an individual lawyer practicing in Guernsey and serving the Industry
ii. A firm of accountants or an accountant practicing in Guernsey and serving the Industry
iii. A compliance firm practicing in Guernsey and serving the Industry
iv. A Non-Executive Director of a body Corporate holding a fiduciary licence
v. Such other person as the executive committee shall determine (either generally or in a specific case) from time to time.

The full constitution can be found here: guernsey-association-of-trustees-constitution-051016

The aim now is to expand and develop our membership and, in particular, our technical subcommittee and also in creating a new strategic subcommittee to enable us to better face the challenges ahead. One of the immediate outcomes we hope for is the Fiduciary Industry working closer with and help setting more focused targets for Guernsey Finance to follow.

I am writing to the relevant associations to invite and encourage new members but I would also ask you to suggest prospective new members, particularly those who would play an active part. In addition, we would also be keen to hear directly from anyone who holds an interest in participating in GAT committee going forward and particularly on one of the two sub committees mentioned above.

Please register your interest by emailing either admin@guernseytrustees.org or sarahw@fws.gg.

Yours sincerely

Mark H Pattimore
Chairman
Guernsey Association of Trustees

Low Value Debt Relief

Please click on the link here to view the States consultation paper on low value debt relief for Guernsey, which will affect retail lenders.

There have been very few responses to this and although the deadling is 31st October, should anyone have any strong views that you would like considered please can you email: alan.bougourd@gov.gg

Please note:

  1.  When submitting your views please indicate whether you are responding on behalf of an
    organisation.
  2. The Committee is also interested in receiving general comments and feedback on the
    Proposals. Please feel free to respond to all, or some, of the questions raised in the consultation.
  3. Unless specifically requested otherwise, any responses received may be published either in part or in their entirety. Please mark your response clearly if you wish your response and name to be kept confidential. Confidential responses will be included in any statistical summary and numbers of comments received.
  4. The purpose of the consultation is to gather information, views and evidence which will allow an informed decision to be made regarding the Proposals. As in any consultation exercise the responses received do not guarantee changes will be made to what has been proposed and any views indicative of an approach the Committee may take, are not its final policy position nor do they constitute any formal proposal.
GIBA Minutes

Please find below a link to download the summary minutes for the meeting of GIBA Council for circulation, which include an update on the following:

  • Brexit
  • Italian Whitelist
  • European Infrastructure Fund
  • Technical: Base Erosion & Profit Shifting
  • Technical: Limited Partnerships
  • Technical: Lending, Credit & Finance
  • GFSC: Late filings of accounts
  • GFSC: Thematic review
  • Guernsey Finance: brand
  • Guernsey Finance: fundingHotel discount

20160913-summary_minutes_giba

New Guernsey promotional video is released

Guernsey Finance and Locate Guernsey have worked together on a new promotional video for the island that shows it as the perfect destination to do business.

The three-minute video, which can be viewed online at www.weareguernsey.com and http://www.locateguernsey.com/, follows the days of two central characters – a local finance industry employee and an off-island practitioner coming to Guernsey to set up a business. It showcases the ease and advantages of doing business in Guernsey from both character perspectives, while at the same time highlighting the beauty of the island and what it might be like to relocate to Guernsey from a business and personal perspective.

Filmed by Guernsey videographer Luke Sheehan of Virtuoso Films, the video utilises an all-Guernsey cast, starring finance industry worker Naro Zimmerman and local model Viki Stunnell.

Forthcoming Events

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

STEP LECTURE SERIES 2016 / 17

Lunchtime Lecture No. 3
Date: Thursday 1st November 2016
Time: Registration at 11.45am Lecture at 12pm
Venue: The Colborne Room, The OGH
Guest Speaker: Richard Dew (introduction), Leon Pickering and James MacDougald, Ten Old Square
Title: “The Variation of Trusts (including but not limited to the English Variation of Trusts Act, which includes power to vary foreign law settlements).”

Evening Lecture No.3
Date: Monday 7th November 2016
Time: Registration from 5.15, 5.30pm start
Venue: The Dorey Room, St James
Speaker: Michael Adkins, Collas Crill
Subject: “Engaging with the Regulator” – Practical tips from the front line.

Book your place HERE

Sponsor Articles

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

Representation of the C Trust Company Limited

This new decision of the Royal Court of Jersey is only the second occasion on which the Court has considered an application for directions under the Foundations (Jersey) Law 2009.

The Court was asked to bless amendments to the regulations of five Jersey foundations proposed by the sole council member of those foundations with the aim of allowing a substantial tax liability to be paid in a foreign jurisdiction. The Court also considered exercising its own powers under the Law to amend the regulations of the foundations to allow the same objective to be achieved.

To read more, please download the update here.

A Guide to the Children’s Property and Tuteurs (Jersey) Law 2016

On 12 April 2016 the States of Jersey voted to update the Island’s customary law and statutory rules governing the administration of property belonging to children.

This reform is long overdue, the current Tutelle regime and procedure can be traced back to the early thirteenth century and have developed little over time, the last significant update occurring in 1862.

The new law entitled “Children’s Property and Tuteurs (Jersey) Law 2016” came into force on 22 August 2016.

Details of the Law are described in greater detail here.

Does PortfolioSize Matter? JulyPCI Commentary 2016

Sponsor’s ARC provide a Private Client Portfolio Review for Q2 2016 and look at whether bigger Portfolios actually do outperform smaller Investment Portfolios.

2016-q2-pci-commentary-does-size-portfolio-size-matter

EU Anti-Tax Avoidance Package

The EU Commission has agreed the Anti-Tax Avoidance Package. A key component, and the one most likely to impact the Channel Islands, is the proposed assessment of non-EU jurisdictions or third countries.

The results of this assessment will determine a new common EU list of uncooperative jurisdictions, aka another “blacklist”, due to be finalised by late 2017. The EU has proposed to impose defensive measures against those blacklisted jurisdictions.

Currently the blacklisting of third countries is tackled through national measures, which tend to vary considerably. Some of the lists are old and have not been updated for changes made by certain third countries.

The Channel Islands need to stay alert to developments of this nature, which are increasingly happening at a faster pace and sometimes at the expense of accuracy.  Please click below to download this topic in more detail.

kpmg-update-gat-newsletter-october-2016

Preventing Data Loss

We regularly hear on the news when high profile companies suffer large scale data loss perpetrated by criminals that hack into online systems but, it was not until the publicity surrounding Edward Snowden and the so called Panama Papers that many companies realised the extent of the internal threat.  Both of these offences were perpetrated by trusted individuals and not so called hackers, nevertheless, they were still crimes.  

If personal data and other confidential information is to be kept safe then a holistic approach to Information Security is required.  Please click below to download and read more:

asl-data-protection-gat

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