Welcome to our newsletter
Enforcement Division “the 19%”
GAT, STEP and officers from the GFSC held a combined Breakfast Briefing earlier this month which saw an impressive turnout from the local finance sector at the Old Government House Hotel.
GAT is grateful to Simon Gaudion and Callum McVean of the Enforcement Division for their well presented and detailed series of information about the enforcement process and those cases that were referred back to the Supervisory Division without sanctions. If you have any feedback about the event that you wish to share with GAT please email us.
Please look out for future joint events via our regular updates.
Fit and Proper Guidance
Earlier this month the Commission released guidance to assist individuals, and the entities who may employ them, on how to meet the “fit and proper” standard set out in the relevant minimum criteria for licensing. The guidance may be found here.
Commission freezes licensing fees
"For the past five years the Commission has returned operational surpluses whilst regulating thoughtfully with integrity and proportionality. At the same time, we have limited our fee increases and controlled our costs effectively."
After careful consideration, the Commission has decided not to seek any increase in the current level of its fees for the next two years. This is possible because recent changes to the accounting treatment of the Commission’s former pension liabilities together with past operational surpluses have ensured that the Commission does not currently need to set fees with a view to accumulating reserves to cope with contingencies.
Click below to read the full article released by the Commission.
MI6 man to headline first ever Guernsey Private Wealth Forum
The development of Guernsey’s key strengths of stability and security in private wealth management will be highlighted at the first Guernsey Private Wealth Forum in London in November.
The security theme will resonate with keynote speaker Sir John Sawers, former Chief of the Secret Intelligence Service MI6. In his five years at MI6, he modernised the service and created a more open approach to public accountability, all during a period of high terrorist threat and international political upheaval.
His talk will draw on his personal experience in managing the most challenging foreign and security policy issues of the last 20 years.
To read more about they keynote speech, please follow this link:-
For more information about the event, please visit the event website.
Walkers shows strength in depth at Employment conferences
Leading IFC law firm Walkers last week held a conference in both Guernsey and Jersey to consider managing information and the legalities that surround collecting and using information, with a focus on data protection. A roster of eight speakers presented to an audience of more than 150 delegates across both islands.
The Walkers team were joined by Keynote speaker Paul Goulding QC of Blackstone Chambers. Paul, who is widely recognised as one of the top silks in employment law, urged delegates to consider carefully what is considered to be 'confidential information' and to ensure correct contractual terms are in place.
Prominent employment lawyer and Walkers Guernsey Managing Partner Louise Hall presented along with senior counsel and senior associates from Walkers' expanding Channel Islands employment law team, Sarah Ash, Daniel Read, Victoria Pratt and Niall MacDonald. The team was supported by Walkers' Fintech expert Stephen Ozanne.
Please find below a link to the summary minutes for September's meeting of the GAT Committee.
Please find below a link to the summary minutes for August’s meeting of GIBA Council.
STEP Lecture Series 2018/19
Lunchtime Lecture 4
5th November – 12-1pm
Dorey Room, St James
“Disclose or be damned”; Beneficiaries’ rights to trust information.
Henrietta Mason and Michael Cash, Penningtons Manches LLP
Michael Cash and Henrietta Mason will review the recent English case of Lewis v Tamplin and the current state of the law on the rights of beneficiaries to information. They will examine the request by trust beneficiaries for more information about the trust, the actions taken, outcome and implications for Trustees to consider.
For a full biography and more details please visit stepguernsey.org
Click on the image below to book your place. In the case that the event is fully booked STEP Guernsey will operate a waiting list.
Walkers 7th Biennial Fraud & Financial Crime Conference
Getting Risk right - successfully doing business coming out of challenging jurisdictions
This conference is designed to be a thought provoking and informative look at how Guernsey can successfully do business coming out of jurisdictions traditionally regarded as “challenging” for whatever reason.
Post Brexit Guernsey will need to do business globally, looking far beyond the comfortable markets of Europe, to maintain its position as a global finance centre.
Friday, 9 November 2018
La Seigneurie Room
St Pierre Park Hotel
To register please email firstname.lastname@example.org
Diversity & Inclusion: What’s it all about and are there any shortcuts?
Date: 22nd November 2018
Time: 8.30- 13.00
Venue: Old Government House Hotel
The CIPD Guernsey branch are hosting a forward-looking conference on 22 November at the OGH aimed at exploring and challenging interpretations of diversity and inclusion in the workplace.
Robust discussion will take place around D&I issues to enable a greater understanding of the benefits of Diversity and Inclusion strategies in the workplace and the practical implications for organisational change programmes in small and medium sized businesses. The Conference will culminate with an expert panel of specialists engaged to answer questions in relation to the future of diversity and inclusion in the workplace and its relevance to Guernsey.
Find out more about the event, or book below.
We would like to give thanks to our Sponsors for their support.
- Asset Risk Consultants
- Alternative Solutions Limited
- Carey Olsen
- Walkers (Guernsey) LLP
All change at Guernsey's tax and social security office
On 24 October 2018 the States of Guernsey approved legislation which
The new Ordinance was tabled two days after the coming into effect on 22nd October 2018, of a new Regulation entitled: "The Social Insurance (Collection of Contributions) (Transfer of Functions) Regulations, 2018", which has the effect of transferring the functions of the government's Committee for Employment & Social Security relating to the collection of social insurance contributions to the Policy & Resources Committee. The intention is that going forward, the collection of social insurance contributions will be performed on behalf of the Policy & Resources Committee by the tax office.
Together, the new Ordinance and Regulation will mean that both tax and social insurance contributions in Guernsey will be collected by the same government agency under the supervision of the newly named Director of the Revenue Service, operating under the aegis of the Policy & Resources Committee.
The current Acting Director of Income Tax, Nicky Forshaw, has been appointed as the Director of the Revenue Service once the rebranding comes into effect.
"The launch of the combined service is to be welcomed as establishing a platform to deliver more efficient processes, reduce operating costs and enhance user satisfaction through the introduction of improved digital services and the provision of a single point of contact for enquiries relating to both income tax and social insurance contributions."
Hastings Bass in Guernsey - M v St Anne’s Trustee’s Limited
On 20 June 2018 the Guernsey Court of Appeal handed down its eagerly anticipated judgment in M v St Anne’s Trustees Limited. In so doing it clarified the legal test in Guernsey for the exercise of the Court’s discretion under the Hastings Bass principle. Prior to the judgment the law in Guernsey as to the precise legal test to be applied and the exact circumstances in which fiduciaries could seek to avoid transactions giving rise to adverse fiscal charges had been uncertain. This much needed clarification will assist professional advisors and their clients in determining the circumstances in which an application forHastings Bass relief may be made before significant costs are incurred.
In summary, the Court of Appeal decided to exercise its discretion in favour of setting aside (avoiding) a decision of the trustee to acquire shares in two property holding companies (and other associated transactions) in satisfaction of loans owing by the principal beneficiary. The trustee’s decision had given rise to significant adverse UK tax charges for the Appellant. The Court of Appeal proceeded on the basis that the operation of the Hastings Bass principle should be in accordance with the revised approach set out by the UK Supreme Court in Pitt v Holt.