GAT Newsletter April 2016

Industry News

GAT Response: Transparency of Beneficial Ownership

GAT has issued a formal response to the “Beneficial Ownership Transparency discussion paper” relating to information for foreign companies.

This can be viewed in full here.  

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Guernsey Finance News

Please click here to get the latest GF update and share this with colleagues to encourage them to sign up to the newsletter themselves by filling out the sign-up option on the homepage of

April news from GF includes….
• Coverage from GF’s Hong Kong office launch
• 2016 events calendar
• A look ahead to the Guernsey Funds Forum and our upcoming ILS event in Zurich
• Middle East Update from Zoe Cousens
• The latest technical news affecting industry
• Community stories

Guernsey Finance will be attending STEP Arabia in Dubai on 6th November. GF will also be running a Guernsey event on the 7th and is looking to invite GAT members to join in with this and  turn it into a Guernsey roadshow for the whole week.  Please can you register your interest by emailing Dominic Wheatley

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Guernsey International Business Association

Summary Minutes of the meeting held on Tuesday 8 March 2016 are as follows:

KPMG Strategic review of the Guernsey fiduciary industry:You can view this here.

Cyber Security: On March 2, the GFSC published its regulatory guidance on cyber security which serves to remind licensees that they are responsible for their own cyber security. A copy of the regulatory guidance can be found here.

Video: Working in Guernsey: A video hoped to encourage university and secondary school students to consider a career in financial services debuted at the GIFA Annual Dinner.

Housing License: The term of the standard non-EU Guernsey housing license is to increase from 4 to 5 years, achieving parity with Jersey.

Debentures: A meeting involving the Association of Guernsey Banks and Commercial Bar Association took place in March. The purpose of the meeting was to discuss the necessary changes to enable debentures to be issued in Guernsey.

Guidance Notes – Investment Funds: Representatives from GIFA and the GFSC are in dialogue regarding association-drafted guidance notes. It is hoped the guidance notes will be endorsed by the Commission in time for the Guernsey Funds Forum on 12 May.

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GFSC – Enforcement Guidance Note

On the 26th January 2016, the States of Deliberation approved proposals to revise “The Financial Services Commission (Bailiwick of Guernsey) Law, 1987.”

The legislation (Projet de Loi) to give effect to the proposals was approved by the States of Deliberation at their meeting on 2nd March 2016 although the Law has not yet been enacted.

The Guernsey Financial Services Commission (“the Commission”) have issued this paper 20160419 – Enforcement Guidance Note which sets out its response to the decision of the States to require it to issue and publish guidance as to its general approach to enforcement.

Information relating to the Commission’s general approach to enforcement including the relevant legislation, powers, and measures referred to above can be found at:

See also

The Commission also publishes guidance on its website setting out the Decision Making Process relating to its enforcement role (

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States Policy Council – Guernsey Economic Overview Quarter 1 2016: Issue date Friday 22 April 2016

The outlook presents an overview of the Guernsey economy and the most recent statistics together with how these statistics reflect on States Policy and prospects for the near future. The report presents the analysis and interpretation of the author and is intended to combine the available information to provide a broader view of conditions in Guernsey.

Guernsey economic outlook Q12016

Forthcoming Events

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

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Step Guernsey April Events 2015/16 Series

STEP Guernsey Lecture Series 2015/16 sponsored by Mourant Ozannes

STEP Members and Non-members welcome. To book contact or access booking forms here.

See below details for the annual STEP Guernsey Conference.

Lunchtime Lecture No. 9

Title: GFSC Fiduciary Sector Thematics 2015 & 2016.
Guest Speaker: Stephen Trevor, Le Marchant Regulatory Risk
Date: 4th May 2016
Time: 11.45am for 12pm
Venue: Dorey Room, St James

Evening Lecture No. 9

Title: UK Property Tax Update/ Far East Opportunity.
Guest Speakers: Melissa Ng & Kersten Muller, Grant Thornton UK
Date: 19th May 2016
Time: 5.15pm for 5.30pm
Venue: Colborne Room, The OGH

STEP Guernsey Branch invite members and non-members to attend the Annual STEP Conference at Beau Sejour on 23 June 2016.

STEP Guernsey’s flagship event, sponsored by Carey Olsen and organised by the GTA allows delegates to meet and network, and also to gain important knowledge and technical updates from outstanding speakers in the industry.

Cost Per Delegate: (including refreshments, buffet lunch and delegate pack and Certificate of Attendance):
Before 23 May 2016 – STEP Members: £145 / Non-Members: £170
After 23 May 2016 – STEP Members: £180 / Non-Members: £205

Please indicate if you are a STEP member at time of booking. If you are a STEP member booking online please use the discount code ‘Member’.  More info can be found here.

Invitation:  Non-Regulated Financial Services Businesses (“NRFSBs”) Seminar
Date:  Wednesday 11 May 2016
Venue:  Les Cotils in The Harry Bound Room
Time:  2.00 – 3.00pm

On the 11 May 2016 the GFSC is holding an event for non-regulated financial service businesses. The purpose of the event is to provide businesses registered as an NRFSB, or those considering NRFSB registration, with an opportunity to receive an update from the GFSC on its progress and future plans for the NRFSB population of registered firms.

The Commission has sent invites to existing registered NRFSBs, however anyone else wishing to register to attend should email the name of their business and the requested attendees to Maxine Marett by no later than close of business Thursday 5 May 2016.

Sponsor Articles

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

KPMG Offshore property development changes

The 2016 Finance Bill included an unexpected, although not altogether surprising, focus on the taxation of offshore property development companies trading or developing UK property. The announcements represent a significant change in the way activities undertaken by Guernsey companies involved in property development will suffer tax in the UK.  KPMG have a briefing note here: KPMG Update – GAT newsletter April 2016

Mourant Ozanne’s Litigation News

A warm welcome to the Q1 2016 edition of Mourant Ozannes’ litigation newsletter which can be viewed here.

Brexit Update by ARC

On June 23rd we will see the electorate vote on a choice to exit the European Union and ARC have put together a summary update for you to read:  Brexit update article ARC

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