Industry News from GAT – March 2017

The Guernsey Association of Trustees Industry News

GAT News

GAT will shortly be circulating an invite to our AGM to be held in May.  After many years of service as GAT Treasurer Jeff Wilkes-Green has notified the committee of his intention to step down during 2017 and we are therefore seeking a successor. We welcome members to contact GAT with their expressions of interest if they wish to stand for the position at info@guernseytrustees.org.

We have advised that one of our aims was to develop  our technical subcommittee and are pleased to confirm that the Technical Committees of GAT and STEP Guernsey have joined to create a new strategic subcommittee enable us to face the challenges ahead.

We are in the process of writing to invite and encourage new members, not just Fiduciary license holders but Law firms, Accountants and Compliance companies.  We would also ask you to please suggest prospective new members, particularly those who would play an active part and be keen to hear directly from anyone who holds an interest in participating in GAT committee going forward.

 

Guernsey Finance Map

Legal Entity Identifiers (LEI) – Follow up to the GIBA Technical Committee Meeting on 20 March

 

The GIBA Technical Committee Meeting have asked us to circulate some papers relating to Legal Entity Identifiers (LEI).  As you are aware this is a global initiative commenced in 2013 by the Regulatory Oversight Committee and  www.leiroc.org sets out lots of useful information regarding this topic.  Please find below links to download some useful information taken from the website that will provide you with further guidance.

LEI Roc Overview
Find LEI Issuing Organizations
LEI ROC How to obtain an LEI
UK FCA MIFID II LEI update

Please note that GIBA are disseminating this information so member firms are aware and can plan for any action they MAY need to take.  If any one has any comments or would like to discuss this further, please email Carl Rosumek

 

Guernsey Finance Map

Beneficial Ownership Consultation – Response to Comments

We would ask you to please be aware of the following document (please click and download): Response to Beneficial Ownership Consultation Comments GAT March Newsletter.

GAT notes with interest that 27 responses to the consultation undertaken in 2016 were received.  The joint Technical Sub-Committee will be looking at the “definition of Beneficial Owner” and a meeting is being arranged to review the consultation in full.  If anyone would like to send comments on this please can you email info@guernseytrustees.org

 

Guernsey Finance Map

Entries are open for the 2017/18 STEP Private Client Awards

The STEP Private Client Awards are seen as the hallmark of quality within the private client industry. Open globally to both STEP members and non-members and free to enterthese prestigious Awards recognise and celebrate excellence among private client solicitors, lawyers, accountants, barristers, bankers, trust managers and financial advisors.

This year’s Award Ceremony will be held on 6 September 2017 at the Westminster Park Plaza Hotel, London, UK.
Lisa Vizia, Director at Saffery Champness , has been appointed as one of the 17 Presiding Judges on the international Judging Panel for this year’s STEP Private Client Awards 2017/18. Miss Vizia is encouraging more Guernsey firms to participate to help highlight the island’s expertise as a leading financial services jurisdiction.

“These prestigious Awards are seen as the hallmark of success in the private client industry around the world, and recognition at these Awards serves as endorsement of your team, your firm and Guernsey as a leading financial jurisdiction. I encourage you to read through the categories and criteria and entry kit and consider entering,” said Lisa.

 

Guernsey Finance Map

GF media release: Guernsey-China relationship strengthened with regulatory MoU

On 14th March, GF issued a press release to off-island media, please view this here.

The MoU is between the Guernsey Financial Services Commission and the China Insurance Regulatory Commission but it potentially has a wider impact for other sectors too and is yet another positive development for their efforts in China.

Guernsey Finance Chief Executive Dominic Wheatley highlighted the wider-reaching value of the MoU.

“The signing has broader, positive implications for the island’s finance sector as it will also provide Chinese insurance companies with an approved conduit for investing into Guernsey funds, once they have obtained a quota from the State Administration of Foreign Exchange,” he said.

In 2016 Guernsey signed insurance industry MoUs with the Chinese city of Kashgar and the China Captive Alliance and, in the last six months, at least three Chinese delegations have visited the island in order to better understand the full range of Guernsey’s specialist insurance, fund, private wealth, and asset management products.

Forthcoming Events

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

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GAT Members Luncheon 5th April 2017

This is your reminder to attend the GAT Members Quarterly Lunch on Wednesday 5th April 2017 from 12.30pm at the Conservatory, Moores Hotel.

Mark Pattimore GAT Chair will deliver his quarterly industry round-up keeping members up to date with relevant news.

We are delighted to welcome Deputy Peter Ferbrache, President: Committee for Economic Development to address our members on the UBO register and other topical matters of which Brexit may feature.

If you have an problems with making your booking please email us info@guernseytrustees.org

 

Book GAT April Lunch Here

GIBA Annual General Meeting Tuesday 4th April 2017

The Guernsey International Business Association (GIBA) would like to invite you to the Annual General Meeting where keynote speaker, Bob Neill MP will be addressing The Impact of Brexit on the relationship between UK and Guernsey. Panelists Patrick Firth, Chairman of GIBA, Gavin St Pier (States of Guernsey) and Jon Moulton (Better Capital) will be answering questions. Register now to secure your space. For more details please contact Adie Roussel on adie@lrd-thebigidea.com

Register for GIBA AGM Here

STEP April Lectures 2016/17 Series

Lunchtime Lecture No. 8

Speaker: Alison MacKrill, Carey Olsen
Topic: Comparison of various structuring vehicles
Date: Wednesday 26th April, 2017
Time: 11.45am for 12pm
Venue: The Dorey Room, St James

Evening Lecture No. 8

Speakers: Peter Steen & Antonia Felix , Mishcon de Reya LLP 
Topic: Trustees vs Beneficiaries – Separation and the Family Trust
 Date: Tuesday 25th April 2017
Time: 5.15pm for 5.30pm
Venue: The Dorey Room, St James

Register for STEP Lectures here

ICSA – Securing the future: Guernsey Annual Conference 2017, 26 April 2017

This year’s ICSA Guernsey conference focuses on the theme of ‘Securing the Future’ and examines the important role that GRC professionals have to play in steadying the ship during times of great risk and uncertainty.

Delegates will benefit from expert input on topics including: leadership, minute taking, Brexit, interactive workshops and personal development.

The full programme for the conference is now available online so share it with your colleagues and book your place today.

ICSA Conference Booking

Sponsor Articles

Items of relevance and interest to Members brought to you by GAT Sponsors.

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Alternative Solutions-Security Awareness

Organisations are vulnerable to the dangers of social engineering attacks.  Some of these may be electronic, through email phishing attacks or links to malware.  Others are physical such as tailgating into a secure area or taking materials from an unsecured desk.  If a social engineer is successful with these attacks the actions can result in loss of intellectual property and exposure of customer data, breaches that could result in lengthy investigations, costly fines and negative brand sentiment. You can read the briefing note and information on ASL here: ASLLIB-#199373-v4-GAT_Mar_2017

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KPMG UK Budget 2017

Following the budget from Philip Hammond, KPMG have covered a number of areas that might be of particular interest to the financial services industries in the Channel Islands, and these are set out below:

KPMG Update – GAT newsletter March 2017

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Carey Olsen – The Channel Islands Guide to the General Data Protection Regulation

With the GDPR now 14 months away from coming fully into force, Counsel Huw Thomas and Richard Field have co-authored a detailed guide of issues for Channel Islands businesses to consider in relation to data protection.

They are happy to speak to any businesses with concerns about:
• The requirements of the GDPR
• How businesses can plan and prepare
• What being “compliant” with the new requirements might look like

Please download this  guide by clicking on the link here.

Insolvency in Guernsey – Market update and outlook for 2017

Guernsey continues to see a number of high-profile insolvency situations arising in respect of entities registered locally. The predominant mechanism used remains voluntary liquidation albeit the highest profiles matters tend to necessitate a court appointment.

Carey Olsen take a look back at the insolvency highlights in Guernsey in 2016, market developments and what the future holds for Guernsey as an insolvency jurisdiction.

Click here to read more.

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Disclosure to Beneficiaries: Trusts Law vs Data Protection Law March 2017

A recent decision of the Court of Appeal in the UK suggests that beneficiaries seeking trust information may be able to get around trust law restrictions by filing a data subject access request under data protection legislation. This is a significant development for trustees, however, its impact in Jersey and Guernsey may thankfully be limited as our data protection laws specifically recognise the applicable trust law rules limiting disclosure. Please click here to read the report.

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